Can friends buy houses together in NSW?

Yes, friends can buy houses together in New South Wales. When individuals who are not married or in a de facto relationship decide to purchase a property together, they can do so as joint tenants or tenants in common. These are two common forms of property ownership that have different implications:

1. Joint Tenants: In this form of ownership, each person owns an undivided interest in the whole property. If one co-owner passes away, their share automatically passes to the surviving co-owner(s). This is known as the right of survivorship.
2. Tenants in Common: In this form of ownership, each person owns a specific share or percentage of the property. If one co-owner passes away, their share does not automatically pass to the surviving co-owner(s). Instead, it is passed on according to their will or, if there is no will, according to the rules of intestacy.

When purchasing property together, it's essential for friends to have a clear understanding of their respective rights and responsibilities. It's advisable for them to seek legal advice and consider drawing up a co-ownership agreement that outlines how the property will be managed, how expenses will be shared, and what happens in the event of a sale or one co-owner wanting to exit the arrangement.

Additionally, friends who plan to jointly purchase a property should consult with a licensed conveyancer or a conveyancing lawyer to ensure that the legal aspects of the property transaction are handled appropriately. They can provide guidance on the conveyancing process, including title transfers and any legal requirements in New South Wales.

Are you looking a buy a house with a friend and need advice? Contact our highly experienced conveyancing team today.

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