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Hello, Two questions regarding a co-ownership agreement for multiple parties to purchase investment real estate together.
1) Does a co ownership agreement need to be drafted by a lawyer or can I create it and if all parties sign then it is legally binding?
2) Does the agreement need to be included during the real estate purchase my lawyer would facilitate or is it outside of the purchase and just for the protection of all parties?
081 days ago
Reena Herian - Accord Family Law (Edmonton) Society President
Hi Tyson, the risk of having an inadequate and non-binding agreement is too great not to ensure that a lawyer has drafted this type of agreement. Speak to the lawyer who is doing the purchase about its necessity to your transaction. Standard purchase contracts do not have this much detail with respect to the consequences if things go sideways between multiple purchasers.
073 days ago
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