Buying property with friends or family can make home ownership more achievable, but it also creates important legal and financial obligations. Before buying, consider whether to own the property as joint tenants or tenants in common, how each person will contribute to costs, what happens if someone wants to sell or can no longer make payments, and how each owner’s interest will be dealt with if they die or want to sell. A co-ownership agreement can document each owner’s rights and responsibilities and establish a process for managing changes or disputes.
