7 Steps to Sharing

7 simple steps to happy share buying partnerships

For most, sharing is second nature, though usually, it’s with people you know. At sharebuyit, getting to know others is simple and secure. Your privacy is protected, and your personal information is never shared without you allowing it.

Once a member, you can browse and chat securely though never need be in touch outside of your secure portal until you’re 100% happy

As a result, sharebuyit is the professional and trusted way to share a big-ticket item, making your dream purchase a possibility.

Below are our seven key tips to ensuring a long and mutually agreeable relationship with your sharebuyit asset partner:

Clock

Step 1

Agree Usage

Agree usage early: When it comes to keeping an asset-sharing partnership on good terms, it is wise to establish early your expectations with regard to asset usage, such as a percentage time-share arrangement. It is also recommended that any ‘opt out’ contractual clauses be held over until two years has passed to ensure that the initial agreement is carried through fairly.

Holidays

Step 2

Usage Schedule

Set out a clear usage schedule: The school and public holiday periods often present as peak preference times for asset sharing, so be sure to use your membership usage calendar to mutually agree on how your use is split at these times and at all others. Consider week blocks in peak periods, and set your calendar over two years, so expectations are clear. Seniors may prefer longer block agreements of three-month periods, equally portioned over two to four-year arrangements for retirement scheduling.

Report

Step 3

Define Requirements

Define Handover Requirements: As part of your membership, you will have access to a membership condition log which is customisable, allowing you to set clear guidelines and specifics as to the condition that your asset should be in when handing over to each other. This condition log helps set clear expectations, keeping things transparent for all. You can also choose to share a periodic ‘detailer’ schedule to ensure you are mutually happy with the upkeep of your shared asset.

Storage

Step 4

Asset Housing

Agree on asset housing: Look for a partner that has as much capacity as you expect to adequately park or garage your asset, or alternatively agree on storage elsewhere. Ensure this point is covered in your contract.

Legal Documents

Step 5

Ownership Details

Decide on registration and ownership details: Asset ownership documents and registration should be made in the name of each partner. These documents differ from state to state, and you may find your mutually owned asset allows for just one registered address, so consider how you are going to tackle this for the best (and most cost effective) outcome.

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Step 6

Running Costs

Share a financial base: With the insurance, registration fees and running costs that come with asset ownership, a joint signatory interest bearing account where funds to cover such fees are held is recommended. It is also suggested that a mutually agreeable bond be held in this account for any unforeseen expenses or insurance excesses. Ensure this point is covered in your contract.

Legal contracts

Step 7

Finalise Contract

Set it in contact: It is always advisable to have your ownership agreement in writing. A range of contracts are available through sharebuyit from as little as $125 per member, and can be tailored to suit the basic parameters of agreements. More detailed contracts can also be tailored by the sharebuyit legal team. Alternatively, you can seek advice from your own Legal advisor.

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