Davelle Morrison

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 fir