Avm | Evelyn Lopes Realty Team_Blog

Monday, May 8, 2023   /   by Evelyn Lopes- Klarine

Mortgages Update and Co-Ownership Programs

Mortgages  Update and Co-Ownership Programs
Co-ownership mortgages are a financing option that is becoming increasingly popular among homebuyers, especially for those looking to enter the high cost housing market within the Toronto GTA, such as the first time home buyer. In this type of mortgage, home buyers come together with a co-equity partner and a lender in order to qualify for and purchase a property, sharing the costs and equity positions of homeownership.
So, what does a co-ownership mortgage look like? Some of the new co-ownership programs assist buyers with their down-payments and with some of the costs of purchasing a home such as land transfer taxes for a return in the equity of the property down the line. The co-owners will typically sign a legal agreement outlining each party's responsibilities and rights, such as how they will split expenses and how they will handle the sale of the property if one party wishes to exit the arrangement.  A co-ownership agreem; ...

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