To find out how to handle property co-ownership disputes, we must first define what property co-ownership is. Property co-ownership is, as the name suggests, when two or more people share the ownership of a property. This is done via the following steps;
- Combining your money to place a deposit
- Combining your borrowing power to gain the appropriate loan
Property co-ownership has plenty of positives. It of course lets you split the costs, literally all of them. This means you would be able to take your place in the property market at a significantly smaller cost (dependent on the number of co-owners) then usual.
Of course, as with any purchase of property there can be negatives and disputes can arise. Disputes occur about numerous things including but not limited to the following:
- Whether to sell
- Whether to refinance
- Whether a party can be bought out
- How to split income and costs
- Mortgage repayments.
If you should encounter a dispute, in regard to property co-ownership, your first step should always be to contact the other party/parties involved, in an attempt to settle the dispute via a negotiation off the record. If you are unable to resolve your dispute in this manner, then you can apply to the Victorian Civil and Administrative Tribunal(VCAT) to hear your case. The purpose of the VCAT is to provide a low cost, accessible and efficient tribunal with a focus on resolving disputes. The VCAT can hear your case, but cannot give you legal advice. If you wish to employ a lawyer or alike, you must ask the VCAT for permission to do so.