Yes, you can!
What is real estate co-ownership and how does it work?
The most common type of co-ownership of property aside from are tenancy in common and joint tenancy. Tenancy in Common is ownership of title to property by two or more persons.
With the newest fad of co-ownership, it is easier to make your real estate dreams become a realty. If you ever wondered if there is a stranger out there who wants to purchase a single family house instead of buying into the condo market, you've come to the right place. Instead of buying a townhouse condo for $300,000, you can own a $600,000 house! We bring qualified strangers together and find them the best homes.
How does it work?
Both you and "the stranger" will view homes together and together, you both choose the best one. This is also a great opportunity to meet the strangers to learn if they will be compatable with you. The stranger MUST have their mortgage pre-approval in place prior to viewing any homes. Once you both have decided on a property, the offer is still contingent to finance approval and property inspection. Once all contingincies are met, you are both proud owners of your dream home.
Can I sell my portion of my home anytime?
Absolutely! You have the legal right to sell your share of ownership anytime. In Edmonton, selling 50% interest/equity is less common than other large cities such as Toronto and Vancouver where prices are extremely high, but as Edmonton REALTORS®, we see this more and more since interest rates have risen.
If you are interested in a co-ownership in a property within Alberta, simply fill in this form and we get back to you with 2 business days.
