2 March 2013
BUYING PROPERTY WITH FRIENDS OR FAMILY Property investing with friends or family can sometimes be fraught with danger. What if one party wants to exit the deal early? How will property repairs be paid for? What if someone is made redundant and can no longer finance the agreement? What if there’s a falling out? These are all important considerations, made more complex through co-ownership. With that said however, buying property with someone else can be an extremely profitable and stress free process if a careful plan is in place and all parties are fully informed. If you’re ready to take advantage of the benefits of co-ownership, it’s important to get a legal expert to make sure the process goes smoothly. A co-ownership agreement is a legal document which sets out the rights and responsibilities of each person with a share in the property. It deals with all the important issues upfront, like what happens when one person wants to sell their share, when someone defaults on their mortgage payments and more. Most importantly, a co-ownership agreement is legally binding for each of the co-owners, this ensures there are no legal hassles at some point further down the track. Co-owners can still take advantage of the federal and state governments’ various bonus schemes including the First Home Owners Grant, First Home Saver Accounts and exceptions to stamp duty. The amount saved depends on your individual situation and where you are purchasing property. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
MEET THE TEAM
MAREE CECCHIN
ANNA GRECH
ASTRID JANE
ALAN STEPHENS
REECE GOSSTRAY
Sales Trust Administrator
Senior Sales Consultant
Sales Consultant
Chairman
Phone 9316 9025
Mobile 0438 446 051
Mobile 0402 211 660
Mobile 0411 242 638
Project Sales Manager – Banbury Village
Email salessec@jasstephens.com.au
Email agrech@jasstephens.com.au
Email ajane@jasstephens.com.au
Email astephens@jasstephens.com.au
MARK HUTCHESON
NICOLE GRECH
LACHLAN McCRAW
RACHEL WHITE
MAX WALLER
Sales Consultant
Marketing Manager
Mobile 0448 820 445
Mobile 0423 590 508
Business Development Manager (Property Management) - City of Maribyrnong
Business Development Manager (Property Management) - City of Hobsons Bay
Director Provincial Home Loans
Email mhutcheson@jasstephens.com.au
Email ngrech@jasstephens.com.au
Mobile 0400 335 498
Mobile 0431 597 601
Email lmccraw@jasstephens.com.au
Email rwhite@jasstephens.com.au
Mobile 0418 378 276 Email rgosstray@jasstephens.com.au
Mobile 0438 430 436 Email maxwaller@provincialhomeloans.com.au