Consider A Co-Ownership Agreement For Vancouver Real Estate
Are you looking for a real estate lawyer to help you draft a co-ownership agreement? At Morris Notary, you’re in the right place as we have real estate lawyers and notaries public that are able to help you with a variety of property and ownership legal needs.
It can be difficult to find suitable and affordable condos and detached housing with rising interest rates and stricter mortgage rules.
One way to move out of a cramped condo is to share a property with friends or family. However, sharing a monthly mortgage will increase your risk of liability. What happens, for example, when one of the owners wants to sell the property?
You absolutely must protect yourself from these potential scenarios by having a thorough and thoughtfully drafted co-ownership agreement.
How Does A Co-Ownership Agreement Protect You?
Co-ownership agreements create a set of legally binding rules for property owners. They determine the guidelines and boundaries of ownership and living together. Typically, these agreements help you determine aspects of the following:
- What is the percentages of ownership?
- Who pays for contributions?
- How are regular expenses handled?
- Who maintains the property?
- How can the property can be used for rentals, etc.?
- What happens when an owner decides to sell the property?
- What happens when an owner defaults?
- What happens if a party wants to terminate co-ownership?
- How will you resolve disputes?
Ultimately, your co-ownership agreement should reflect the unique requirements of living together and can cover a variety of issues and concerns. At the bare minimum, we recommend that your co-ownership agreement covers the following:
- Who legally owns the property, and what is the percentage of distribution?
- Which parties will be responsible for the mortgage?
- Who pays expenses, and to what extent?
- What happens in the scenario where an owner wants to sell?
There are a plethora of options and topics to consider when drafting a co-ownership agreement, and many are unique to each individual’s circumstances. You may want to contact our real estate lawyers at Morris Law and Morris Notary to help guide you through this tedious process.
How will owners take title? Who gets to use which part(s) of the house? What are the rules surrounding subletting? Our experienced real estate lawyers will help you navigate through the many questions that may surround your co-ownership, and draft an agreement that accurately addresses your needs..
Working with Morris Law and Morris Notary ensures that your agreement reflects your distinct relationship with your co-owner, as well as protecting both of you from unwanted scenarios.