Part 2 of Shared Ownership is from a legal point of view. As housing prices in Toronto climb, we have to find creative solutions to home ownership. I’m a big advocate of friends buying houses together.

• Recommendations for people contemplating on sharing a property with a friend, a stranger, anyone really.
• Should they write those goals on paper together?
• Should they have a legal agreement between them?
• Do they each need to have their own lawyer go through the agreement?
• They always say that you should prepare for your divorce before you get married as the rationale for pre-nup agreements so how would you suggest people considering a shared ownership relationship prepare for what might happen if one partner wants out?
• How long would it take to put together an agreement like this?
• The cost of an agreement like this
• What other items do you think should be part of a shared ownership agreement?
• What if one of the owners is a first time home buyer? How does this affect their ability to use the first-time home buyer credit for the land transfer taxes?
• What other closing costs should they be thinking of?
• Should they be concerned about the legality of a basement apartment on the property?