Purchasing a Home with Family Members
The cost of homes in the Greater Victoria Area increased significantly in the last few years. A lot of individuals are not able to purchase a home on their own. One of the solutions might be a joint purchase with family members. A family can purchase a joint home to live in or as an investment opportunity.
A co-ownership agreement provides for clarity and alleviates risks associated with joint ownership. An agreement will ensure that matters such as:
- the difference between legal and beneficial ownership;
- which parties are responsible for the mortgage;
- who pays what expenses and in what proportion; and
- what happens when one of the owners wants to sell; and
- how are the funds distributed upon the sale;
are in place for you and your family’s protection.
Contact Beacon Law Centre for trusted advice on co-ownership agreements.
Article written by: Victoria Garner, Lawyer at Beacon Law Centre