How It Works

6 Step Process

1The Agreement

Apply. Meet with us. Agree to work together.

After applying you will be contacted by a Co-Own My Home representative to set up an online meeting where we will answer your questions about our co-buyer introduction service. If you decide to proceed you will be provided with a Co-Own My Home Inc. service agreement to approve that includes:

  • Confirmation you will work exclusively with Co-Own My Home Inc.
  • Agreement to our fee
  • Outline of a process to co-ordinate co-buyer introductions and recommendations for a Realtor and mortgage broker

2Suitable Partner

We’ll introduce qualified co-owner partners, you decide.

Co-Own My Home will vet all applicants and refer qualified potential co-owner partners to you. It is your decision to have Co-Own My Home proceed to arrange an online “get to know you” meeting with the introduced party. If both parties wish to proceed, Co-Own My Home will arrange a second meeting online or face-to-face. Prior to signing an agreement of purchase and sale either party can inform Co-Own My Home of a desire to re-consider the suitability of the partner and request a new introduction.

3Mortgage Financing

Let’s get you qualified with the best rates.

You will be referred to an experienced mortgage broker upon receipt of your approved service agreement. The broker will start qualifying you for home financing, including a credit check and the gathering of all up-front lender required documents. The broker will seek the best mortgage rate and terms for the buying partners.

We strongly suggest that the clients complete the first three steps prior to house hunting.

4Viewing Properties

Realtor guidance from property showings until closing.

Your experienced referred Realtor will:

  • Review suitable properties and arrange showings for the partners
  • Prepare necessary paperwork for a purchase
  • Upon offer acceptance, co-ordinate with the mortgage broker
  • Provide continued advice and guidance through until closing

5Co-Tenancy Agreement

Lawyer prepared co-ownership agreement.

A very important part of co-purchasing a home should be obtaining a lawyer prepared co-ownership agreement. Contentious items suggested by your lawyer as well as any item you deem important should be included. Normally the partners would use the real estate lawyer closing their purchase to represent both co-buyers.

6Benefits and Future Sale

Enjoy the benefits of home ownership.

  • Home ownership in Canada has many benefits:
  • Historically, real estate prices in Canada have increased providing for a TAX FREE benefit for principal residences.
  • A price cannot be put on pride of ownership and the ability to improve your own property and make it your own, certainly not available when renting.
  • Your mortgage payment is similar to paying rent to yourself but with a difference, your mortgage principal will reduce with every payment you make, over a 5 year period this can amount to thousands of dollars.
  • Qualified first time homebuyers receive up to $4,000 from the Province of Ontario land transfer tax program in addition to a $15,000 Government of Canada first time homebuyer tax credit.
  • Your homebuyer co-ownership agreement will include provisions for the future sale of the property. The division of the net proceeds of any sale will follow the terms of the co-ownership agreement. In the event all parties are happy with the partnership upon maturity they can simply have their lawyer extend the partnership for another period of time.