Co-Ownership
What is co-ownership?
Co-ownership of property has been in use for many years, it can look like:
- Two people in a relationship co-buying their first home together
- Co-buying a house with parents or other family members
- Co-buying a house with a friend
- Two or more unrelated parties co-buying a house together
Why co-ownership
House prices, interest rates and government mortgage regulations have resulted in thousands of buyers being shut out of home ownership. The current ownership challenges of the Ontario marketplace are substantial and call for a bold solution; co-ownership – teaming up to co-purchase a home.
Partnering with a co-owner
Co-Own My Home will introduce you to pre-qualified potential co-buyers that have expressed housing requirements compatible with yours. Our hands-on selection process will eliminate embarrassing moments of introductions to unqualified applicants.
Co-Own My Home only deals with applicants that will be occupying the residence. We do not work with investors.
Finding your match
We immediately recommend an experienced Realtor that will represent all buying parties. Your Realtor will then contact all parties to update their wants and needs information and start the showing process. Obviously, finding the right co-ownership property that suits two unique co-buyers can take a bit longer.
Co-ownership agreement
The long term success of any relationship is transparency and communication, and in the case of co-ownership, a co-ownership agreement prepared by a lawyer specializing in co-ownership contracts. This agreement should address all the buyers’ concerns, it makes sense to record all the buyers’ original intentions prior to closing.