58 - Friday, May 13, 198% - North Shore News

HOW TO DO IT

Purchase a
with a partner —

TODAY, A> growing
population of single
Canadians wants to get
a foot in the real estate
door but : ever-rising
home prices nican that
many can’t swing the
purchase alonc. ‘

That's why new options
for home ownership are
becoming more common and
one of them is buying a
home in partnership.

A partner may be a friend
or business col'egue. A
partner also may be a family
member, but most profes-
sionals strongly suggest that
mixing family and business
often causes more problems
than it solves.

While’ ‘some _ banks; may
balk at the untraditional idea
of placing a morigage on a
home oued by two. non-
related: people, shopping
around should turn up a fi-
nancial. institution. that is
willing to take on such a
partnership. If finding that
friendly banker is difficult, a

4
ye,

lawyer may be able ta draw
up a legal agreement be-
tween the partners that will
satisfy the bank,

In, considering a partner-
ship arrangement; it is best

‘to think of it as a. business

deal in which two partners
set up a company. That is,
the terms of the partnership
and cach. individual's
responsibilities and liabilities
should be clearly defined
and set out
agreement.

Such a contract
drawn up by a lawyer at the
same time that the purchase
papers for the home are
prepared.

Generally, the partners
will agree on a time limit for
their agreement.” For exam-
ple, they may want to
reassess their situation at the
end of three years, and split
any profits from the sale of
the home or renew their
agreement.

In cither case, having a
target date makes it casier
for each partner to plan his
or her separate future.

Despite the best laid plens
however, one partner may

need or\ wish to pull out of.

the arrangement before the
three years is up. In such a

gs fe SB

in a_ written

can . be

Rea. ESTATE

home

case, you could agree at the
outset that the first option is
for the remaining partner to
buy out the other partner's
share of the home at fair
market value.

A second cption might be
that the remaining partner
has three months to find a
new pariner’ to buy the
share. If after three months

no suitable partner is found, .

you. might agree that the
house be sold.

You should consider, as
well, what will happen to the
parinership should one of
the partners dic. If you co-
own the house, the deceas-
ed’s interest in the property
will pass on to his or her
estate. ;

Hf, on the other hand, you
own it jointly, the deceased's
interest will pass
automatically tothe surviv-
ing partner. ;

In short, a partnership
contract | should cover the
basics and may cover as
many special circumstances
as you feel necessary. The

important thing to remember —

is ‘that by drawing up such
an agreement, you can help
avoid arguments and even
costly, litigation should the
unexpected happen.

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