It might be possible for two or more people to co-own property without a formal agreement and financial advice, but the best idea is to address contingencies ahead of time and consult Scott before entering in to an agreement.
Scott can help you develop a written agreement that sets out your ownership rights and provides for an equitable distribution of property in the event of any number of circumstances. Commonly called "co-ownership" or "co-tenancy", these documents address relevant issues which might otherwise plague such a relationship. These issues include:
- How the percentage ownership is to be divided between the parties.
- How the maintenance and repair issues will be addressed.
- What happens upon the death of one party.
- How the property will be used.
- Who has the authority to encumber the property.
- Who can decide to sell, and when.
- How the monthly mortgage payments, and other monthly expenses, will be paid.
Even when parties are on excellent terms, there is always the possibility that one party will need to end the relationship. When that happens, it is best to have all contingencies covered so that the expectations of the participants are met and everyone goes away happy.