Prepare a coownership agreement
To address each party’ so bligation, consider a few questions prior to purchasing property:
- How will expenses be allocated? Determine how contributions will affect the distribution of proceeds when the property is sold.
- If you breakup, how will the property be divided? How will the property be valued and will the party have the right of first refusal?
- What happens if someone passes away?
- How should the property be titled?
