Want to live in your own house on a quiet tree lined street in a nice neighborhood for the price of a two bedroom condo?
There are still many affordable options in the city and co-ownership is one of the ways you can still live the dream! 😊
Co-ownership is where you share the costs, benefits and risks of property ownership either as a home buyer or investor.
If your partner is a non-spouse non-family member then you should own the property as “tenants-in-common” because:
- Ownership can be any percentage
- Ownership is passed through your estate
You will also want to have a co-ownership or co-housing agreement where you set out:
- How you will pay for and perform repairs or improvements?
- How you will share utilities?
- What happens in the case of a default?
- Division of expenses and ownership interests.
- What happens if one party wants to move out but retain ownership?
- And most importantly – ending the agreement.