When it comes to co-ownership, get it in writing

March 7th, 2017

With the mounting cost of home ownership in the Lower Mainland, it is becoming more and more popular for individuals to increase their buying power by purchasing property together. Having a co-ownership agreement in place can help you minimize the risks of co-ownership, setting expectations and preventing costly litigation.

By Karen Liong

 

Why have a co-ownership agreement?

As with any business venture, co-ownership in real estate property is a commitment which should be approached with the utmost care and consideration. Parties may be agreeable at the outset, but circumstances could change over time.

Without a co-ownership agreement, parties could end up with the stress and headache of resolving their disputes in court. For one thing, the Partition of Property Act gives a co-owner the ability to apply for a court-ordered sale of a property in the absence of an applicable co-ownership agreement.

What is included in a co-ownership agreement?

At BTM Lawyers LLP, we can help you structure a co-ownership agreement that works with your unique circumstances. We can provide advice on some practical considerations, including:

If not, how are usage rights determined? Keep in mind that the foregoing information applies to co-owners who are not married to each other or in marriage-like relationship with each other. If you own real estate property with a spouse or someone you have a marriage-like relationship with, you should seek the advice of one of our family lawyer with respect to preparing a co-habitation or a marriage agreement.

This information is provided for general information purposes only and is not intended to be relied upon as a substitute for legal and professional advice.

Posted in:
Real Estate

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