Posted on: 02nd Aug, 2009 09:51 pm
i want to know about the Advantages and Disadvantages of Co-Ownership
Hi Angela,
If your name is on the deed to the property, you co-own a property. Your co-ownership entitles you to a certain interest in the property. It means the other owner cannot sell the property without your consent, unless otherwise mentioned. There are no such disadvantages. But if you want to sell the house, you need to get permission from your co-owner. So, if you co-own a property, you cannot take any property-related decisions single-handedly.
If your name is on the deed to the property, you co-own a property. Your co-ownership entitles you to a certain interest in the property. It means the other owner cannot sell the property without your consent, unless otherwise mentioned. There are no such disadvantages. But if you want to sell the house, you need to get permission from your co-owner. So, if you co-own a property, you cannot take any property-related decisions single-handedly.
Advantge - You are sharign the risk and the payment
Disadvantge - you need to share profit
Disadvantge - you need to share profit