Ownership options for Single Family Homes in Vancouver - Condoguys Real Estate
What was once a single family lot in Vancouver can now have a total of three units in some areas of the city. The City of Vancouver is careful to point out that the three units cannot be separately sold or strata-titled. But what happens if three friends, partners or family members decide to buy the property together and each live in one of the units? Is this possible? Can they co-own it? Yes, they can, according to the City of Vancouver. These arrangements are created using a contract where all three parties buy the property and each of their names appear on title in an undividedinterest. The separate legal contract spells out what percentage each party owns. A co-ownership agreement can be very detailed and typically includes: For information on this type of zoning in your area,contact your local municipality. Condoguys Real Estate works with buyers and sellers in all areas of the market and can help navigate new zoning and ownership possibilities. If you have questions please email us at connect@condoguys.com With costs rising and land running out. Vancouver and the surrounding municipalities are looking at ways to densify and make living in the city more affordable and accessible. Stay tuned as we look at some of the options...
Co-ownership: friends, family, partners
What does a co-ownership agreement include?
• each co-ownership interest in the property, for example 25/25/50; and
• expense payments, for example, what each co-owner will pay for the Property Transfer Tax, property taxes, property insurance, water and sewer fees, repairs, improvements, maintenance and legal fees
