The benefits and liabilities are shared between the parties when a condo property is co-owned. Co-owning a condo is the best way to have your own apartment if you cannot afford to buy one.
Usually, married people decide to co-own condos because of the advantages therein. Nevertheless, the liabilities and responsibilities differ regarding condos that are co-owned.
Tips for managing your co-owned condo
Managing a co-owned condo may not be accessible if one party is always ready to take responsibility. A lot of people who co-own properties opt for the services of property management and maintenance companies. These companies are responsible for admitting tenants and checking their backgrounds. Instead of stressing yourselves out, both of you can hire a company that will provide property management and maintenance services to take care of your condo.
The rights and responsibilities of parties in a co-owned property
Since the condo is jointly owned, both parties also have to share the commitment, liabilities, and benefits. Some of the fundamental rights and responsibilities of parties who jointly own a condo are:
In property law, homeowners have certain obligations, just like tenants. For instance, regarding structural maintenance like repairing the roof or a cracked wall, homeowners have the responsibility to fix it. Therefore, if the condo is co-owned, both parties must fix it.
Assuming a tenant refuses to pay rent, it is the responsibility of the co-owners to sue the tenant and recover the rent. If they have to involve a lawyer to recover the rent, both condo owners must share the bills according to their liabilities.
If you don’t have enough money to purchase a condo, you can partner with your spouse, friend, or family member to co-own it. The benefits of owning a condo are enormous.
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