Monday, October 24, 2011

Buying Your First Ottawa Home - Co-Buying Options Part 2

There are so many things to consider if you want to buy your first Ottawa home with somebody else. What if one party no longer wants to own the house, wants to sell and the other one isn’t ready yet? What if there is a sudden emergency and one party can no longer work or is unexpectedly let go from his place of employment for one reason or another? These situations can easily arise from time to time and the best way to handle them is by implementing some basic principles and rules before any official signing takes place.

When one party wants out

What would happen if one person no longer wants to have a part ownership in the property? Can they sell their percentage of the property to another person?

Yes they can unless it is specifically mentioned in the paperwork. One thing that can be done is to allow the co-owner that will be remaining on the property a chance to buy out the other co-owner's part of the Ottawa home. There may be other provisions that may be allowed depending on what part of the country you live in. It is best to contact a real estate agent to find out more details.

This is a very important point to get straightened out at the start. If, for example, you don’t want to sell and your partner does, he may end up selling his share to someone you don’t particularly like. It all depends on the wording in the contract and the laws where you are located.

Buying your first Ottawa home does not have to be a financially binding chore, especially if you choose to share the ownership costs with someone you trust. You just need to ensure that everything is set in place to cover the bases in case someone opts out of the deal later on or an unforeseen event occurs.

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