Where the co-ownership is not working out, the common sense approach would be to sell the property and divide the proceeds of sale.   This is normally done by agreement, but if not possible, one of the parties may bring an action for partition and in that action seek an order for ‘sale in lieu of partition.  This is common in the context of bankruptcy when the other co-owners will not cooperate with the Trustee in Bankruptcy in a sale of the property in dividing the proceeds.

If you are co-borrowers, you are jointly and severally liable for each other’s debts. Under standard mortgage documents, borrowers are typically in default 30 days after missing a single payment, even if only one co-borrower is in default. If it doesn’t look like you are in a position to pay then the lender has a right to serve an order for possession and sale of your property.

Presently, Australian lenders do not offer separate loans for people who borrow together to purchase a property, however Breez Finance does offer extremely flexible joint loans. Co-borrowers will be jointly and severally liable for each other's obligations under the loan.

Joint tenancy is the holding of property by two or more persons in equal shares. If one owner dies, his or her share will automatically go to the other partner(s), irrespective of any provisions made in a will. This kind of ownership structure is used most commonly by married couples.

Tenants in common is a type of co-ownership where two or more people own separate interests in a parcel of land (which may be equal or unequal). The laws of survivorship do not apply to tenancy in common. When one party dies, their share of the property can be left to anyone they like, as provided for in their will..