Joint ownership agreement: holiday property
A shared property purchase agreement suitable where generally only one owner occupies the whole of the property at any one time. Most suited where the owners use the property for holidays and weekend breaks.
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About this document
This fractional ownership agreement covers any situation where parties share ownership and use of a house, flat or other property for holiday occupation.
The agreements are designed to regulate occupation where only one owner occupies the whole of the property at any one time. However, there is nothing to prevent more than one owner occasionally using the property at the same time.
First, you should consider the most suitable structure for your sharing proposal. If you are looking at a commercial arrangement or one for more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Then ownership of the property itself never changes. No stamp duty is paid once it is bought as the right of occupation can be treated as a licence.
However, running a company does cost money, so between 2 and 10 owners it is a matter of preference as to whether you want the formality, expense and greater certainty of a company structure and shareholders agreement or the lower cost and compa
This document was written by a solicitor for Net Lawman. It complies with current Australian law.
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