Blog, Sellers

Conflicted Co-Owners

Buying a Property with a Co-Buyer – Platonic

Make sure you have a co-owner agreement that clearly outlines what will happen in the case of a break down in the friendship where one wants to sell and the other may  not.  Finding yourself in a position where you can no longer live with your room mate or where you absolutely need to sell and your co-owner does not can be a very precarious situation you do not want to find yourself in.

I have recently been trying to help a woman who co-owns a property in Calgary with a fellow co-worker.  The room mate situation had drastically broken down and this lady moved out.  Because she was on the mortgage and the title, she had to continue to pay her half of the mortgage and the bills.  The other co-owner discussed buying her out, but the information she was getting on the value was questionable.

The trust was gone.  A REALTOR® that worked in Real Estate part time was hired to list the property.  She signed it and the other co-owner once again stalled.  This situation went on for months, while she paid half the mortgage and bills and rent on her apartment.

All of this could have been avoided if there was a co-owner agreement written up in the first place.  As it stands, the other co-owner took another job in another Province and has still not listed the property, leaving this poor woman ready to go to litigation to get an order to sell.

Protect yourself first.  Get a co-owners agreement FIRST.