Don’t Have $1 Million? Co-Buying May Be for You!
Owning a house may not be out of reach if you buy with another family, couple, or person.
By sharing the costs of the down payment, mortgage and maintenance, you can be free to spend your time and money on other things!
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To ensure a successful Co-Buy, a legal Co-Ownership agreement is vital.
• Sets out obligations and responsibilities of all owners. For example, it will set out how much of the down payment each party pays, how costs are shared (property taxes, repairs, renovations, etc)
• Will lay out how the equity is divided upon selling the home
• Explain clearly how one party can leave the ownership. For example, transferring ownership to someone else
• Creating a Will is recommended as it also outlines that your portion of ownership goes to your estate
*Please note that this is a general overview, and is not legal advice.