Owning a property with children or parents

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.

Needs more details - Just call or email.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.