I need some advice about how to organise a collective of associates to purchase a block of flats rather than buying individually. Does anyone know about the legalities and logistics of this kind of deal?
Hi Samsaralian
I would definitely recommend getting legal advice on that one!
There are various different ways of going about it (each buying the units as joint tenants or tenants in common, companies, trusts) – but each has major implications for tax and divestment simplicity. Either way, you would definitely want an agreement drawn up between your associates to ensure everyone is clear on their rights and obligations – particularly with regards to how to get out of the structure if things go bad!.
Good luck with it!
Regards
Sydneypropertyman
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