While it may seem pessimistic, it is the reality that not all relationships succeed and it is wise to have an agreement in place that will protect each party if the relationship ends. This will avoid the stress and unpleasantness that may ensue where one party wishes to sell the property while the other party does not and could avoid costly litigation where the parties cannot come to agreement.
Typically, a co-ownership agreement will set out:
Co-ownership agreements are not restricted to co-habiting couples and should be put in place by any persons who are purchasing a property together (for example friends or siblings) to define the legal basis of what is essentially a financial relationship between them.
In conclusion, if you are purchasing a home together, having a co-ownership agreement in place may avoid potentially costly and unnecessary future litigation. It is important to also be aware that a couple who move in together could eventually come within the scope of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act, 2010 if they do not address these issues through a separate Co-Habitation Agreement at the outset.
Feel free to contact us in confidence at any stage to discuss your legal requirements
and one of our experienced and friendly team will assist you.