Shared Ownership Tenancy Agreement Template for Australia

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Key Requirements PROMPT example:

Shared Ownership Tenancy Agreement

"I need a Shared Ownership Tenancy Agreement for a 2-bedroom apartment in Sydney, with a 70/30 ownership split between the housing association and tenant-owner, including specific provisions for staircasing up to 100% ownership by January 2025."

Document background
The Shared Ownership Tenancy Agreement is a specialized legal instrument used in Australian jurisdictions to facilitate affordable homeownership through partial property purchase arrangements. This document is essential when implementing shared ownership schemes, particularly in affordable housing programs or private arrangements where parties wish to share property ownership while establishing clear tenancy terms for occupancy. The agreement addresses both the ownership aspect (typically with one party owning a percentage share while paying rent on the remainder) and standard tenancy provisions, complying with relevant state and federal legislation. It includes crucial elements such as ownership percentages, rental calculations, maintenance responsibilities, staircasing provisions, and dispute resolution procedures. This type of agreement is particularly relevant in the current Australian housing market where full homeownership may be financially challenging for many prospective buyers.
Suggested Sections

1. Parties: Identifies and provides full details of all parties involved - the shared owners and any other relevant parties

2. Background: Explains the context of the agreement, including the shared ownership scheme and property details

3. Definitions: Defines key terms used throughout the agreement

4. Ownership Structure: Details the percentage split of ownership and how this is documented

5. Purchase Price and Financial Terms: Specifies the property value, share percentages, and payment arrangements

6. Rent and Service Charges: Details the rent payable on the unowned share and any service charges

7. Occupancy Rights and Obligations: Specifies the occupancy terms and conditions

8. Maintenance and Repairs: Outlines responsibilities for property maintenance and repairs

9. Insurance Requirements: Specifies required insurance coverage and responsibilities

10. Staircasing Provisions: Details the process for increasing ownership share

11. Default and Remedies: Describes what constitutes default and the available remedies

12. Term and Termination: Specifies the duration of the agreement and termination conditions

13. Notices: Details how formal communications between parties should be made

14. Governing Law: Specifies the applicable law and jurisdiction

Optional Sections

1. Property Management: Required when a property management company is involved in maintaining the property

2. Body Corporate Provisions: Required for properties in strata or community title schemes

3. Subletting Provisions: Include when subletting may be permitted under certain conditions

4. Mortgage Requirements: Include when there are specific mortgage lender requirements to be incorporated

5. Special Conditions: For any unique arrangements specific to the property or parties

6. First Right of Refusal: Include when parties agree to give first right of purchase to existing co-owner

7. Death or Incapacity Provisions: Include specific provisions for handling ownership in case of death or incapacity

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title details and inclusions

2. Schedule 2 - Financial Schedule: Detailed breakdown of purchase price, shares, rent calculations and payment schedules

3. Schedule 3 - Maintenance Schedule: Detailed list of maintenance responsibilities and standards

4. Schedule 4 - Staircasing Procedures: Detailed procedures and forms for increasing ownership share

5. Schedule 5 - House Rules: If applicable, specific rules relating to property use and maintenance

6. Appendix A - Property Plan: Floor plan and property boundaries

7. Appendix B - Condition Report: Initial condition report of the property

8. Appendix C - Required Forms: Standard forms required under relevant state legislation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Social Housing

Financial Services

Legal Services

Property Management

Public Sector Housing

Community Housing

Affordable Housing

Relevant Teams

Legal

Real Estate

Property Management

Housing Services

Financial Services

Compliance

Risk Management

Operations

Customer Service

Documentation

Relevant Roles

Property Lawyer

Real Estate Agent

Housing Officer

Property Manager

Mortgage Broker

Legal Counsel

Housing Program Manager

Conveyancer

Financial Advisor

Affordable Housing Coordinator

Tenancy Manager

Contract Administrator

Property Development Manager

Housing Association Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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