Before jumping into the purchase of a duplex, there are some legal issues that you’ll want to consider. Many are unaware that duplex living is akin to living in a condo, and there are certain agreements that should jointly agreed upon, and on paper, before you sign the dotted line.
Duplexes have become more and more popular as they are a great way to afford the luxuries of home ownership without becoming totally housebroke. Generally much more affordable than the average single family home of equivalent square footage, the duplex appeals especially to young families and to couples looking to get into the market. But like any “great deal” there’s a flip side that should not be overlooked.
To begin with, you’re entering into ownership beside a neighbor, a very close neighbor in fact. So close, is your neighbor that you’ll share a wall that divides your respective homes. The part of duplex living and ownership that is similar to that of a condo, is the legally binding agreement called, “The Party Wall Agreement”. No, this is not only there so you can mutually decide on who’s having parties, and when. Although, it...
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