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Becoming a Co-Owner |
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I am interested in funding the down payment on a condo and being a co-owner with the person who would occupy and make the monthly payments. What is the rule of thumb as to what percentage I should own?
thank you |
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I'm afraid there's no rule of thumb, and no way I can give you any advice. I don't know the figures involved, how the monthly payments (plus homeowners association charges) would compare with what the occupant would normall pay if renting it. The two of you will have to decide what seems fair. You should definitely consult with a lawyer to make sure your written partnership agreement protects each of you equally. There are number of things that could go wrong with co-ownership and it's best to discuss them ahead of time and set things up properly. |
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Edith
Originally published on July 16, 2007 |
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