Hi, guys I am new to this and this is my first crack at the forum.
I wonder if someone can assist me with a bit of info on setting up a partnership between 2 couples for buying property.
We have been both investing in property and have 4 each already.We have decided that as we are like minded it would be better suited to join forces and motivate each other.
Does any one know what is the best structure to put in place and all the legal requirements to substantiate this. We are talking to a solicitor but would appreciate any advice from people that have already done this.
cheers
TanjohHi Tanjoh,
Based on your post I see little benefit in setting up a ‘joint venture’ program. Each couple seems to have the runs on the board in that you each have properties.
If the sole motivation of the ‘joint venture’ is to motivate each other then I suggest you are better off arranging periodic meetings that meet you respective needs.
This way there is no muddying of the waters and mixing titles, loans, incomes, slightly different goals and so on. Such separation allows for easy divergence if ever there was an irretrievable breakdown in the relationship – much cheaper in the long run.
Derek
[email protected]Property investment advice and researched property in quality locations available.
have a look at the forms on http://www.lawcentral.com.au there is one there regarding buying property jointly
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry as we are still pretty keen to do this. The pair of us have done a few reno jobs and are looking to do a few on a joint project.
cheers
DavoJoint Ventures doesn’t need to be anything more than an agreement (preferably on paper) with the following:
1) the property/project it is applicable to,
2) what each party is going to contribute,
3) how the Joint Venture will share in the profit/losses
4) how disputes will be handled (eg arbitrator)
5) how the Joint Venture will terminate
6) both parties signatures with witness for eachRegards
Simon
http://www.lightation.biz
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