Co-ownership Agreements

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