Once you have done the work of determining your legal rights and responsibilities, financial obligations, and future scenarios as a group, we recommend finding a lawyer who has some experience drafting co-ownership agreements. It is essential that your agreement is created with all members of your purchasing group and the contents of any wills or spousal agreements are shared with your lawyer as they prepare your group’s Legal Agreement, so that they align.

It is impossible to anticipate all future change, and you or members of your group might find yourself in a position of wanting to exit your co-purchasing arrangement. Members of your purchasing group must be in agreement about how and when your property will be divested (disposed of, sold etc.).

We recommend that you include a schedule for mortgage payments and a clear delineation of other payments, like bills and taxes, in your Legal Agreement.

Over the next three sections, we will be covering the three important features to include in your legal agreement. Starting now with Rights and Responsibilities!

Generally, there are two types of legal relationships between co-owners: you can buy property as either tenants-in-common or as joint tenants.

Your legal agreement is an essential part of the co-ownership real estate purchase. It may feel daunting or uncomfortable to discuss certain aspects of your living arrangement through the lens of a legal agreement, but your Legal Agreement is in place to protect you and your group, both individually and collectively.