What is Kohab?
Kohab is a digital platform that enables users to connect and communicate with friends, family and like-minded people who are seeking to jointly acquire and own property.
What is co-ownership?
Simply put, co-ownership means sharing ownership of a property with someone else. You can co-own with whoever you want: family, friend or just somebody who’s like-minded. And it can be simple, safe and secure. Your rights and obligations as a co-owner will be legally set out in a co-ownership agreement that keeps your interests safeguarded. This way you can make sure each party is clear about what you can and can’t do with your joint purchase.
How does Kohab work and what does it provide?
Kohab is all about giving people the chance to have part ownership in a property. In a nutshell, it’s a hub that gives those wanting to buy 3 main things:
- An online marketplace where people can join forces, pool their resources, find properties and buy them together
- The co-ownership agreement between the co-owners of the property which is drawn up to safeguard each party’s interests and be clear about your rights and obligations when you co-own
- Other essential and useful information that will help you understand co-ownership.
Who owns and runs Kohab?
Kohab was created and developed by a group who saw an opportunity to help make property affordable and attainable for all Australians. It is funded by private investors.
How does joint property ownership work?
The Kohab joint ownership model is in fact quite simple and straightforward. It’s based on the legal concept of ‘tenants in common’. What this means is that the co-owners each hold a part share of the whole of the property in common with the other.
Each owner is allowed to transfer their share of the property and pass it on to their beneficiaries in the case of their death. This is unlike a ‘joint tenants’ scenario where the share would automatically be passed on to the other co-owner.
As a safeguard and to have absolute clarity on your rights and obligations when you have joint ownership, Kohab co-owners will enter into a co-ownership agreement with each other. This is a legal document which sets out the arrangement between all parties.
It will include how each co-owner is allowed to use the property, what areas of the property each co-owner might be entitled to occupy exclusively, how decisions are made together, how bills are to be paid, how the property is to be dealt with if a co-owner dies or the parties fall out and a host of other arrangements. It’s about making co-ownership as harmonious and agreeable as possible.
Will co-owning with Kohab cost me anything?
It won’t cost you a penny. It’s absolutely free to become part of the Kohab community. We can, of course, help you buy a co-ownership agreement which is drawn up by a legal team.
Is it more expensive to co-own using Kohab?
When you use Kohab you have the option to buy a co-ownership agreement. It’s arguably more important than the purchase of the property itself. It’s a safeguard that’s worth the relatively small spend upfront and takes away any risk with the joint purchase and ownership with the other party. If for whatever reason, the relationship with the other co-owner weakens in some way and there’s no written agreement in place, you might be confronted with some hefty legal issues that can come at considerable expense.