 | This article contains content that is written like an advertisement .(July 2018) |
 | |
| Type | Private |
|---|---|
| Industry | Co-Ownership Services |
| Founded | April 2006 |
| Founder |
|
| Headquarters | Sydney, Australia |
| Products | Co-Ownership Guide |
| Services | Co-Ownership Agreements |
| Website | podproperty |
PodProperty is an online legal service provider, that specializes in co-ownership agreements for tenants in common. [1]
Jeremy Levitt and Jonathan Stambolis co-founded PodProperty in April 2006. [2] [3] [4] [5] Stambolis is a director of PodProperty, and Levitt is the company's chief executive officer (CEO). [6] [7] The business is built around the legal arrangement of co-ownership of houses, apartments or real estate in Australia. [4] [8] The company was established during Australia's housing affordability crisis when there was soaring property prices and rising interest rates on home mortgages. [2] [9]
It was reported in November 2006 (six months after PodProperty was established) that the company was receiving 30-40 enquiries a day for its co-ownership guide. [2] In June 2007, PodProperty made a submission to the New Zealand Parliament Commerce Select Committee Inquiry into Housing Affordability in New Zealand. [10] [11] Its submission "focuses on shared equity schemes and, in particular, co-ownership as a means of improving the affordability of housing in New Zealand, based on the success of this initiative in Australia". [11] The company said in a report in February 2010 that the estimated number of people it has assisted with their co-ownership plans grew 51 percent and it attributed the growth to the effects of the global financial crisis and people wanting to spread their mortgage risk. [12] [1]
PodProperty facilitates co-ownership agreements and offers legal advice for individuals interested in purchasing property together as tenants in common. [13] [14] [12] [9] [15] [16] Their Co-Ownership Agreement caters to various relationships, including friends, family members, and de facto partners, allowing them to address property-related matters. [3] [14] [17] The company provides a free Co-Ownership Guide and also offers a service to assist homeowners and real estate investors in selling part of their investments. [14] They charge for their co-ownership agreements, with fees based on a "per person" basis. [3] [5] [8] [17] [18] [19]
PodProperty has a strategic partnership with the Commonwealth Bank and Mortgage Choice which has PodProperty listed as their preferred source of co-ownership agreements. [20] [6] [17] [21] [22] It launched a co-ownership initiative with Wizard Home Loans in 2007 to provide specialised services for single first home buyers looking to purchase property together. [9] [15] [23]
In 2007, PodProperty organised the co-ownership of a holiday property in Queensland involving five Australian couples living in Indonesia, the Northern Territory and Victoria and assisted another group to buy in Niseko, Japan. [5] They arranged a co-ownership agreement for two friends who pooled their deposits to buy an apartment in Surry Hills in 2008. [24] [25] The company also assisted a brother and sister in 2008 to buy an apartment in Sydney's North Bondi and helped them to look for a second one too. [16] In 2013, PodProperty drew up a co-ownership agreement for the sales of a five-bedroom house in Cottage Point waterfront on Sydney's Pittwater. [7]
The company's chief executive officer (CEO), Jeremy Levitt, was nominated as a 2007 SmartCompany Idol. [9]
A housing cooperative, or housing co-op, is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Typically housing cooperatives are owned by shareholders but in some cases they can be owned by a non-profit organization. They are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting.
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