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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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Consult a lawyer before buying a Vancouver Condo with your friends

Vancouver Condo Real Estate Video Blog #238 - February 5, 2009

Consult a lawyer before buying a Vancouver Condo with your friends 

Ian Watt video blogs about the idea of buying real estate with friends or family and what should be the first step in the process. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.

 


Consult a lawyer before buying a Vancouver Condo with your friends from Ian Watt Vancouver Condo on Vimeo.

 

Ian Watt: Hi good afternoon! It’s Ian Watt in Downtown Vancouver. If your thinking of buying a property and what were seeing a lot right now in Vancouver because it's such a great time to buy investment properties. Is what were seeing is a lot of people joining forces like a couple of friends get together buy an apartment or two couple get together buying an apartment to rented out. Now that's a fantastic idea but my suggestion is before you get into a business relationship with your friends. Make sure you go consult a lawyer and get some sort of agreement tied up because obviously you guys own the property fifty fifty or whatever share you decide upon. However, if one of the parties wants to get out. If one losses her job and needs the cash. What do you do? That thing should be thought about before hand. Make sure you go in with knowing all the information on what it will take to sell it even if you have to sell it in the down market. My name is Ian Watt. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!