Buying real estate with another person is in many ways like an investment in a business and it is important that all parties know the terms of your relationship as a property owner. Anyone who buys real estate with another person, whether they are a family member of a friend, must have a condominium agreement with your co-purchase and the value of your investment. As the saying goes, „better late than never.“ Anyone who has made an investment with another person or perhaps a group of people should have a condominium agreement, even if it exists after the event. The best choice for your condominium agreement depends on what best suits your circumstances. However, a legal agreement protecting a cooperative real estate purchase should be based on a common tenant agreement and include very clear instructions on what happens in the event of a partner`s death, divorce or default. Once the planned actions, the duration of ownership and the nature and value of the property to be acquired are known, it is possible to obtain legal advice. NOTE: It is important to get legal advice before signing an offer and acceptance contract, in order to avoid possible costs (for example.B. transfer obligation) for the revision of the shares or the identity of each co-owner. Ideally, the co-ownership contract is signed before the offer and acceptance contract.
Default provisions should be clearly defined in a co-ownership situation. Co-owners must consider whether an act of delay has been committed, the duration of the default, the nature of the act of omission from a moral and social point of view and the relationship of individuals with other co-owners. Penalties depend on the reasons and duration of the outage. The more serious the failure, the more likely it is that it will have serious consequences and that it may require the withdrawal of a co-owner. . . .