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The property market these days is volatile and it’s tempting to share costs, turning family and friends into business partners. But beware; here are the do’s and don’ts of joint ownership of real estate in Ontario.


1. Have a prenuptial ownership agreement

Buying a home together goes beyond the property itself to a business agreement that might face implications along the way. That is why it is significant to have the prenuptial agreement showing things like division of expenses, ownership percentage as well as addressing the probability of major life alterations along the way.

2. Share credit scores

It is a primary thing that once you consider buying a home together, you disclose your credit score to one another. This is because your mortgage rates for purchasing a home together are tied to your credit scores.

3. Define shared responsibilities

Once you consider joint ownership of real estate in Ontario, expenses are bound to come up in one way or the other. This ensures that no one is taken for granted.

4. Set aside a fund for repairs

Like said earlier, expenses will arise along the way. If, for instance, you are sharing the responsibilities 50/50, you need to set aside some funds to cater for these expenses.

5. Set some house rules

Always lay down rules that each of you agrees with to avoid conflicts.


1. Do not jump into a purchase without figuring things out

No matter how deeply you relate with a person once you decide to buy property together, make sure you have agreed on everything.

2. Do not avoid speaking about your financial history

Discussing money before buying the property with a person is essential. Know, for instance, if they have any debts or have ever gone bankrupt for your own safety.

3. Do not go on if you lack an exit strategy

Things normally happen in life, and one of you might want to quit for one reason or the other. Before proceeding, make sure that you discuss what happens if such occurs.

4. Do not assume you will cohabitate well

Be sure first that you can live comfortably with that person before you decide to buy a home together.

5. Do not be ambiguous in the process of searching a home

Be so clear on what you want while searching a home so that you are all on the same page.

Joint ownership of a real estate in Ontario is quite good, but it can sometimes be a hard task to perform. If you are looking for an experienced real estate lawyer to take you through the aspects of home buying, SatLaw is ready to help. Feel free to contact us today.

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