11/20/2024
Whether it is to buy an investment property, due to changing life circumstances, such as a divorce, or because of raising interest rates, more and more people are opting to co-own a home with another party. In fact, we recently learned that there are mixers and apps to match potential co-owners together!
While you may be considering the benefits of sharing costs, the reality is that this is not a decision that should be made lightly.
Just as you wouldn’t purchase a home without considering whether it was the right house for you, you don’t want to purchase a home with someone without asking key questions first. In fact, we strongly recommend that anyone co-owning a home should enter into a co-ownership agreement that will set out the rights and responsibilities of the owners.
For clarity, when we talk about co-owning a home, it applies to owning a property with anyone (including children, parents, siblings, etc.) who is not your spouse. Any property owned with your spouse is covered under the Family Law Act.
This post will highlight three questions to ask before buying a home with someone else. Of course, your situation and interests are unique to you. It is always best to talk about these issues with a lawyer who can help you protect your interests and be proactive about any issues that may come up.
Have questions? Reach out today, we’d be happy to chat!
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