Co-owning a property with a family member can be a great way to share expenses and responsibilities. It can also be a source of conflict if both parties do not have clear expectations and communication. Here are some tips on what to do when you share a property with another family member:

1. Create explicit agreements: It’s crucial to have a clear agreement in place before buying or moving into a shared property. This agreement should specify how costs will be allocated, how to handle maintenance and repairs, and how to make decisions regarding the property. A formal agreement can help avoid future misunderstandings and disputes. Open communication is essential while sharing a home with a relative.

2. Regular check-ins are necessary so that any problems or worries can be discussed. This can assist in preventing minor issues from developing into larger ones. 3. Be considerate of one another’s space: When co-owning a property, it’s crucial to be considerate of one another’s privacy and space. This entails setting up distinct boundaries and being considerate of one another’s schedules and habits.

4. Establish an exit strategy: If one party decides to sell their portion of the property, it’s crucial to have a strategy in place for doing so. A deal on how the house will be priced and how the sale will go down can be a part of this.

A tenant in common’s part of the property passes to their beneficiaries or heirs upon death. In the event that the other co-owner(s) do not concur with the new owners, this could result in issues and conflicts. A detailed agreement that specifies how the property will be handled in the case of a death must be in place.

The fact that each owner has equal power over the property is a drawback of joint tenancy. Conflicts may arise if one owner wants to sell the property or make changes, and the other owner(s) don’t concur.

Tenancy in common has the drawback that any owner can sell or transfer their portion of the property without the other owners’ permission. If one owner wishes to sell their stake and the other owners disagree with the buyer, this could result in disputes.