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Inter-family Property Ownership sold? What if a party to the agreement gets divorced, dies, or, in a multi-generational situation, needs money from the home to pay for residential care? 2. Remove the emotion and get practical Before you enter into any inter-family property arrangement, get advice on the most appropriate legal structure for you; a structure that will protect all parties’ rights. You need to ensure that any arrangement or agreement: (a) Is well-documented; (b) Sets out all of the key information, including contributions and exit strategies if future contingencies arise; and Purchasing a property with family? Loaning money to a child for their first home purchase? Investing in a family member’s home to support multi-generational living? Family members are entering into inter-family property arrangements for any number of reasons and, while some arrangements run smoothly, many do not. All too often, what was initially an amicable and seemingly fair agreement can turn sour down the track, so it is important to consider your legal position at the outset. Things to consider: 1. Future possibilities All parties to the arrangement, and probably all of the family, need to have frank discussions at the outset as to what will happen if future contingencies arise. What if someone changes their mind? Will you buy them out, or will the property have to be
(c) Is in a legally-recognised form. 3. Security for your investment If you are investing a large sum of money, you ought to consider having a share in the legal ownership; that is, having your share in the property recorded on the title. Alternatively, if you are loaning your child a large deposit you should look to record this by way of Deed of Acknowledgement of Debt, supported by an Agreement to Mortgage if appropriate. Having a robust legal structure in place at the outset can save you money later down the track if it all goes wrong. If you require any assistance, our local and experienced property team are here to help you. Do not hesitate to call us on 09 421 0559. Patricia Parker Solicitor SIMPSON WESTERN
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