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It is not uncommon for relatives and friends to purchase homes together, or for a person ‘buy in’ to their relative or friend’s existing home. A reason that this occurs is to enable people to enter the property market if they do not otherwise have the financial resources to do so on their own.
A related party transaction in this context can become complicated if a co-owner decides to sell their share of the property in the future. It is imperative that the parties to a related party property transaction receive legal advice, so as to avoid a costly and complex process should a dispute between co-owners arise.
If you would like assistance with a related party property transaction, please contact us.