June 3, 2024

What is Co-Ownership?

What is Co-Ownership?

Co-ownership is partnering to buy a property, an agreement between two or more parties to purchase a property. You can co-own with members of your family, friends or matches that you've met on the Husmates mobile app or at our events.

The parties will often work with a lender partner such as a bank who provides a mortgage to enable the purchase. Your rights and obligations will be set out in a co-ownership agreement that meets your individual and collective needs as purchasers, and the needs of the lending institution. This agreement will clarify what you can and cannot do with the property and will cover a breadth of topics ranging from ownership shares to decision-making processes, to property management and maintenance.

Husmates will work with you to make sure that the process is simple, secure and addresses your needs.

Why Co-Ownership?

There are many reasons people consider co-ownership when purchasing a property. It can be a way to help first-time buyers enter the housing market, help other to build equity for retirement, or even to establish and grow a community.

Partnering to buy a property is not a new idea. In fact, it has been a means for newcomer families to step onto the property ladder for a long time. It’s also popular to buy part of a house in countries such as the UK.

Co-ownership is a way of thinking differently to live a better life. Get started with our Beginners Guide to explore whether co-ownership could benefit you.

Co-Ownership Models

As co-ownership is a relatively new concept in Canada, we often think about it in a specific way. People predominantly think of joint ownership either as two families sharing a home, or as a family co-owning a home with an investor that does not live with them. While this is often the case, situations vary greatly by circumstance.

Home co-ownership is an agreement between two or more parties to purchase an asset together. As distinct parties, you have the opportunity and right to define the agreement to best suit your needs. For example, you could have:

  • two co-owners with equal share and equal decision-making power
  • one co-owner with a majority share and one or more investors
  • three co-owners who live in the house and one investor with an agreement to consensus-based decision making

The design of the co-ownership agreement is up to the parties involved while taking into consideration the needs of any financial lenders. More information about co-ownership agreements is available on our Establish Agreement page.

Learn more about the ins and outs of co-ownership

As a co-ownership matchmaking, property searching, and real estate business, Husmates offers flexible support throughout your co-ownership journey. Whether you need comprehensive assistance or just a bit of guidance, we are here to help you navigate the hurdles of co-ownership. Download our app to find potential matches, search co-ownership properties and listings, and book a one-on-one video chat with our co-founders and co-ownership real estate experts, Parimal and Lesli, to get started. We can connect you with financial institutions that specialise in co-ownership products and introduce you to lawyers who can draft solid legal agreements tailored for co-ownership.

As a co-ownership matchmaking, property searching, and real estate business, Husmates can help you as much or as little as needed throughout your co-ownership process. We can help you get over the hurdles so, download the app to find potential matches, search co-ownership properties and listings, and book a 1-on-1 vide chat with our co-founders and co-ownership real estate experts Parimal and Lesli to get started. We can help you connect to co-ownership-friendly financial institutions that provide the right co-ownership products, and introduce you to lawyers who can help draw up solid legal agreements.

Explore the Beginner Series on Co-Ownership

To help you navigate the co-ownership journey, we've curated a series of blog posts that cover everything from understanding the basics to successfully managing your co-owned property. Here’s an overview of what each post offers:

1. What is Co-Ownership?

  • This post introduces the concept of co-ownership, explaining how it works, the different models available, and why it might be an appealing option for you.

2. Get Started with Co-Ownership

  • This post dives into the initial considerations of co-ownership, including why it might be a good option for you and how to start defining your needs and goals.

3. Find Co-Ownership Partners

  • Learn how to connect with potential co-owners who share your vision. This guide provides tips on using the Husmates app and networking within our community to find your perfect match.

4. Establishing Your Terms

  • Discussing and setting clear terms is crucial for any successful co-ownership arrangement. This post helps you navigate through creating agreements on roles, responsibilities, and managing expenses.

5. Secure Financing

  • Explore your financing options and understand how to secure a mortgage for your co-owned property. This guide covers working with mortgage brokers and the essentials of financial planning.

6. Finding Co-Ownership Property

  • Discover strategies for finding a property that meets your collective needs and fits within your budget. Husmates offers tools and insights to help you find the perfect co-owned home.

7. Establish Your Co-Ownership Agreement

  • Formalizing your co-ownership arrangement with a legal agreement is essential. This post details the types of ownership structures and the important clauses to include in your agreement.

8. Co-Ownership Templates to Set Your Up for Success

  • Long-term success in co-ownership requires organization and clear communication. These co-ownership templates provides tools and tips to maintain a harmonious and effective co-ownership relationship.