Co-ownership is a legal way for two or more persons to own a real estate property together.
Co-ownership can be applied to different types of properties such as house, condo, townhouse, duplex, tri-plex and 4-plex.
If you're looking to buy property or are trying to find alternatives to renting, co-ownership could be the right solution for you. By teaming up with other co-buyers, you'll be able to share the mortgage cost and put down a collective down payment on a property you wouldn't be able to afford alone. For some buyers, co-ownership provides an intermediary step from renting to full ownership.
Looking to sell part of your current property? Using co-ownership, you - the seller - can free up the cash locked in your property equity, potentially pay less taxes, and avoid any moving stress.
By downsizing, co-owners can have a minimalist lifestyle as well as more spending budget for travel and other things in life.
Down payment and mortgage monthly cost are divided between the co-owners, making homeownership possible for many in desirable locations.
For many, it is a choice. Some co-owners prefer to keep their housing cost low so they can work less, travel more and diversify their investment. Others prefer downsizing and a minimalist lifestyle.
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Realtaasa introduces ready co-buyers/sellers together to complete a transaction.
Realtaasa will help all co-buyers sign a legal co-ownership agreement. And when you're ready to resell, Realtaasa guarantees you have a buyer.
Here are examples of some items covered in a co-ownership agreement.
In addition, you can spell out what is important for you in writing. Expectations are set in advance and in writing, so there will be no surprises when a situation arises.
How much is your share of the ownership of the property
How the mortgage payments and bills are split
How the down payment is split
How the profit or loss will be split at the sale
House rules and chores you mutually decide
What happens if you want to move out or sell your share
What happens when you do not pay your share
Siblings, aging parents with adult kids, empty nested relatives are a few examples of family members co-owning together. Realtaasa helps you find the right home and financing to fit your needs and assists you with the legal co-ownership paperwork.
A landlord and building owner sells a vacant unit to a new fractional buyer. She gradually gets equity out and gets out of renting without paying a large lump sum of taxes had she sell the entire building at one time.
An out-of-town investor who does not want the burden of landlording can be the right co-buyer for a local resident. The investor comes up with most of the down payment while the local resident pays most of the mortgage. This could be a win-win arrangement for both co-buyers.
Get together with other parents and buy a safe place for your kids while they are away from home. Reap the benefits of tax deductions and appreciation to lower the increasing costs of college education. Give your kids the best while you get invaluable peace of mind!
Why own just one vacation place and worry about renting it most of the time? Why not own at many of your favorite spots around the world with friends? Smart, fun way to invest and travel - while lower your risk due to local disaster or depreciation.
Invest in fractional ownership in the city you travel to so frequently, for work or leisure. Co-ownership with a local resident makes sense when it comes to your comfort being in your own home while traveling. Worth looking at if real estate in the area is appreciating well over the years.
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