In recent years, there has been a rise in the number of multiple-buyer transactions, wherein friends, unmarried couples, and family members decide to buy a condo together. Whether you want to enter into a multi-buyer condo deal in a small town such as Collingwood, or a big city in Canada, it tends to have a higher risk. This is because, with changes in the lifestyle of the individual owners, many problems may arise from such transactions. Thus, it helps to know the essentials of purchasing a house in Collingwood with a friend or a partner.
Essentials of a Multi-Buyer Condo Transaction
With the availability of many houses for sale in Collingwood, the number of purchasers, including multi-buyer deals, has increased. Here are a few questions that you must ask when entering into such transaction:
What are the Legal Precautions for a Multi-Buyer Purchase?
It helps to consider conflicts of interest when it comes to a multi-buyer purchase. Be sure to align your interests with the other parties involved to avoid any complications at a later stage.
How to Prepare for the Potential Departure of a Partner?
When buying a home or a condo in Collingwood with a friend or a family member, it is recommended to consider the Tenant-in-Common clause. This strategy will allow each buyer to determine the ownership (in percentage) of the property. Thus, your share remains safe even if one of the other parties decides to sell their rights.
What to Do When Buying a Property with Someone You are Dating?
If you have a property with your partner and have plans to marry in the near future, it helps to know that the property becomes a matrimonial home. Thus, it will be included in the joint assets. Although there are no specific measures to protect your rights in this case, it helps to ensure that your contributions to the property are well documented. In addition to this, you should have signed agreements as proof of the deal. The title will likely be in the name of the person documented on the mortgage papers.
What to Do in Case of a Legally Common-Law Partner?
In the case of common-law relationships, the ownership depends on the level of partnership, and the property will belong to the person whose name is on the title.
Is a Gift of a Property from Parents Worth Noting Legally?
When you purchase a property by taking the funds from a parent, the money offered is considered as a gift. The parents are not entitled to receive the money. They may protect their interest by issuing second mortgages on the property without contradicting any gift letters.
Is a Prenuptial Agreement Applicable to Common-Law Couples?
A prenuptial agreement refers to an agreement entered into by a couple before marriage. Longstanding or common-law couples can use a cohabitation agreement or a similar contract to protect their interests.
Luxurious & Affordable Homes for Sale in Collingwood
Wyldewood Creek Condos is a well-known name when it comes to condominiums for sale in Collingwood, Ontario. We offer thoughtfully designed and developed properties at beautiful locations. Each house comes with excellent amenities to ensure you have a comfortable life.