As cottage season dawns, the prospect of joint ownership with family or friends grows anew for many Canadians, budding perennially like a lakeside plant.
Smaller down payments, lower risks and shared experiences all mark the promise of a property partnership with pals and loved ones.
"Everything's working out great — and then there's a dispute later on or one person wants to get out of it or one person gets divorced. And all of a sudden things that they didn't anticipate start happening." On the other hand, a tenants-in-common agreement allows for different-sized stakes in the property — 75 per cent and 25 per cent, for example, as well as 50-50 — and would see the deceased's share become part of their estate and pass on to their heirs, who would then pay a probate tax . The tax rate varies widely from province to province, ranging from 1.7 per cent in Nova Scotia to zero in Manitoba and Quebec.
"Are you allowed to invite guests up? How many guests? Can you have guests up every weekend?" he continued, adding that a real estate lawyer can address these questions in advance.In a standard arrangement between co-owners, each is fully liable for the mortgage. That means a late payment or default will affect everyone's credit scores, says certified financial planner Mark Halpern.
Co-ownership also becomes a prospect for children whose parents plan to leave a vacation property to their children, presenting a wealth of potential pitfalls.
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