A real estate lawyer and mortgage broker sound in on the basics of co-ownership.
in Vancouver, to find out how a co-ownership arrangement might differ from a typical purchase. If you're interested in the idea, here's what to consider before buying property with a friend or two.You can co-own a home as joint tenants or tenants-in-common. With joint tenancy, each person has an interest in the investment, and if one owner dies their share of the home goes to the other owner.
Any agreement should also specify the percentage each person has, which — if you aren't splitting ownership equally — Bell suggests could be calculated based on factors such as square footage and livability differences between each unit, assuming there are separate spaces. If one unit will use more municipal services, for example, a different ratio might make sense.
In those situations, it might make more sense to exclude one buyer from the property title. Their interest in the co-ownership can be protected through a separate legal agreement. However, Barsoum notes that some lenders don't care how the title of a property is split up, whereas others may want everyone to have equal ownership depending on who's on the application.
Whether or not the parties are related, there are two situations where it may be harder to get approval: when investors want to buy a rental property together and when it's a larger group of people making the purchase. "Whenever multiple people are going on an application, lenders generally want to know the story," says Barsoum. "Why are [these] people coming together to buy? And the story has to make sense.
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