The brother was 20 at the time and had been working full-time so had a deposit but couldn't service a loan by himself. That was the case for Auckland woman Tamara, who bought her first home with her partner and her partner's brother in 2012. Some may be able to pay off their loans faster than others, while some may have bigger loans depending how much they contributed to the deposit. It is up to the buyers how they service the loan - perhaps they all have their own loans or contribute to one loan. If they could not or did not want to, the house went on the market. If they could not buy them out, then the person who wanted to sell then had an opportunity to buy the other co-owner or co-owners out. Typically, if one party wanted to sell and the other did not want to, then the other co-owner or co-owners would have the opportunity to buy the person's share, Barron said. "It can't cover every scenario, but it can provide a mechanism so that if someone is not happy with the sharing of the property, they can say 'well, I'm giving notice to sell'," Barron said. "We tried to cross all the hard things off so if any of these things happen, we've got a document we can refer to."Ĭlearstone Legal principal Debra Barron said agreements covered how the loan or loans would be repaid, who would pay for maintenance, what happened if renovations were needed, what would happen if one party died, and what happened if one party wanted to sell. They got a property sharing agreement written up, which covered multiple scenarios. Before buying a house together, they had several meetings to discuss their financial history, how each other lived and what they wanted in a property. So far things are great, and I can trust my co-owner and he can trust me, but you really need to make sure they're the right person," Chris said.Ĭhris had met his co-owner at university seven years earlier and they had become close friends. "It's more about the person you join with. Within weeks they were talking to a broker, and after a few months - and dozens of open homes - they bought a house. "It felt very much like a now-or-never situation really." "My friend and I found ourselves being stuck in Tauranga, job-wise, so I just said to him 'why don't we do it, if we pull together what we have we can probably just do it - it's the first time, not forever, and if either of us want to leave we can'," Chris said. As a single man, he didn't have a partner to team up with so thought: why not go in with a friend?
![microsoft powerpoint download mac lion microsoft powerpoint download mac lion](https://www.fullversionforever.com/wp-content/uploads/Microsoft-PowerPoint-2019-For-mac.jpg)
A good saver, he had enough for a deposit but didn't earn enough to service a loan by himself.
![microsoft powerpoint download mac lion microsoft powerpoint download mac lion](https://images.template.net/wp-content/uploads/2015/01/531.jpg)
Chris, 25, works in customer service and lives in Tauranga.