With the price of real estate these days we often see parents assisting their children with the purchase of a home or children wanting parents to live in the same home. This can be because of health issues of the parent or child care assistance for the children or just convenience overall. The home is purchased together and one or the other will live in a basement suite. It is important to have the details worked out ahead of the purchase so everyone understands their responsibilities. Details should include but not limited to the following:
1/ Who is supplying the downpayment and who will be making the mortgage payments?
2/ Who will be on title as owners?
3/ If all parties are on title will it be equal portions?
4/ Who will be paying monthly bills for services and annual taxes?
5/ If someone wants or needs to move out then what would the process be for buying that person out or selling the property?
These are some of the main points and should be in a written agreement signed by all parties. It can be drawn up by the lawyer at the time of purchase.
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