Buying Property with Someone Else in NSW: What You Need to Know Before You Sign Anything

Buying a home is a huge step—and it can be even more complex when you're buying it with someone else. Whether it’s a partner, a family member, or a mate, there’s a lot to consider before you commit. It’s not just about sharing the mortgage; it’s about making sure you’re both protected if things change down the line.

We’ve worked with many people over the years who jumped into a property purchase without fully thinking it through. They assumed trust and good intentions were enough—and then got caught in a legal mess when things didn’t go to plan. So, if you're looking at buying property with someone else in NSW, here’s what you should really be thinking about.

Why People Choose to Buy Property Together

With property prices staying high across much of New South Wales, more people are teaming up to get their foot in the door. You might be:

• A couple buying a home to live in
• Friends investing together
• Parents and adult children combining resources
• Siblings managing an inherited property

It can work—many people make it work—but the key is to plan it properly and understand the legal side of it.

Tenants in Common vs Joint Tenants: Know the Difference

Here’s a decision you’ll have to make early: how you want the property to be legally owned.

Joint Tenants

This setup is common for couples. You each own the property equally. If one person passes away, the other automatically gets the full ownership of the property—no questions asked.

But here’s the catch: under this arrangement, you can’t leave your share of the property to someone else in your Will. That could be a problem depending on your situation.

Tenants in Common

This option lets each person own a specific share of the property—like 60/40 or 50/50. You also get to decide who inherits your share in the event of your death.

This approach is more flexible and often better suited to friends, siblings, or anyone who’s contributing unequally to the purchase.

Getting the ownership structure wrong at the start can really come back to bite later. We've seen it before—people assume things will work themselves out, but the law doesn’t work that way. This is where speaking to a property lawyer on the Central Coast early on can make a big difference. They can walk you through your options and help you set things up properly from the beginning.

Talk Before You Buy: The Hard Conversations That Matter

It might feel awkward, but you’ve got to talk about the “what-ifs” before signing anything. What if one of you wants out in five years? What if someone loses their job? What if a relationship ends? These questions might not be fun, but ignoring them won’t make them go away.

The clearer you both are on your expectations, the fewer surprises you’ll face later. We’ve seen people fall out over simple misunderstandings—who’s paying for repairs, who gets to decide when to sell, and so on. Talk about it upfront, then put it in writing.

Breakups and Other Complications

Breakups, unfortunately, do happen. And when they do, a property can quickly become a battleground if there’s no agreement in place. Having a plan for what happens if things go south helps take some of the emotion out of an already stressful situation.

We’re not saying you should expect things to fail—but being prepared for changes just makes sense. It’s about protecting everyone involved.

So, What’s a Co-Ownership Agreement Anyway?

It’s basically your backup plan. A co-ownership agreement spells out who owns what, who’s paying for what, and what happens if someone wants to walk away—or can’t keep up with payments.

This isn’t a one-size-fits-all kind of thing. Every situation is different. Maybe one of you is putting in more money, or one person plans to live in the place while the other doesn't. That’s why it’s best to sit down with a lawyer who can help you draft something specific to your arrangement.

Let’s say Person A and Person B buy a property together. A puts in more money, so they agree to a 60/40 split. Later on, B wants to sell, but A wants to keep the place. If they’ve sorted all that in writing from day one, there’s a clear process to follow. No guessing. No drama.

Why It Pays to Speak to a Lawyer

We get it—lawyers can seem like an extra expense at a time when you’re already dealing with big costs. But the reality is, trying to cut corners on legal advice can cost you much more in the long run.

A good property lawyer in Central Coast can:

• Explain the pros and cons of ownership types
• Draft or review your co-ownership agreement
• Make sure your share of the property is protected
• Help you avoid common legal traps

Buying a property is more than just a transaction. It’s a legal relationship. And if it goes sour, you’ll be glad you took the time to get advice early.

Final Thoughts: Protect the Property—and the Relationship

Look, whether you’re buying with a partner, a sibling, or a mate, it’s not just about trust. It’s about being smart. Property is a serious investment, and things can change—life happens.

So have the hard chats. Get everything down in writing. And don’t leave it too late to get proper legal advice.

If you're thinking about buying with someone else, speak to a local legal team who understands how this stuff works in New South Wales. Good legal advice now can save you a world of stress later. It’s not about being pessimistic—it’s about being prepared.