Buying A Home With Friends – What To Watch Out For

 

 

 

Don’t have money to buy Vancouver real estate on your home?

Is it possible to buy homes with others?

Is it beneficial to enter into real estate joint ventures?

 

Are you finding the Vancouver real estate market too expensive?  You’ve probably heard of others getting into the market by partnering up with others, haven’t you?  Is it risky?  What’s involved?  How does it work?

The first thing when considering that option is that everything MUST BE IN WRITING!  I can’t stress it enough.  When I say writing, I don’t mean an email.  I mean, using a real estate lawyer that knows how to draft up real estate joint venture agreements.

 

But it’s my family, surely I can trust them?

 

Get It In Writing

Regardless of the other part(ies) are, the contract is there for when things go sideways.  Everyone’s smiling when there’s agreement, but when there’s a disagreement, in order to be fair and just, the contract is what’s guaranteed and promised.  No need to say “he said that” or “she said this” or rely on someone’s memory.  Having a proper Joint Venture agreement in place also prevents disagreements when 1 of the parties wants out of the deal.  

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