There are some legal issues you should consider before purchasing a duplex. Many people are not aware that duplex living is very similar to living in condos. Before you sign the papers, you should agree on certain agreements. Duplexes have become more and more popular as they are a great way to afford the luxuries of homeownership without becoming totally housebroke. Duplexes are typically more affordable than single-family homes with an equivalent square footage. They appeal to young families and couples looking for a way to get on the housing market. Like any great deal, there’s a down side. To begin with, you’re entering into ownership beside a neighbour, a very close neighbour in fact. You’ll be sharing a wall to divide your respective homes because your neighbour is so close. The legally binding agreement known as “The Party Wall Agreement”, which is a part of duplex living, and of condo ownership, is very similar. No, this is not only there, so you can mutually decide on who’s having parties and when.
However, it can help to define acceptable noise levels for potential parties. This is really a home association for two people. Parties will agree to share costs such as insurance, structural problems, roof upkeep, replacement, foundation, shared utility lines, and other expenses. It could also cover routine maintenance and address stylistic or architectural issues like the exterior design of the house and the construction and installation of other improvements, such as sheds and fences. If you’re considering purchasing a duplex, remember that you can peruse an existing party agreement before buying it. You can also negotiate amendments if necessary. You might consider including “negotiating a party wall agreement” in your offer if this is the first time the owner of the duplex sells one-half of it.
Note that down the line, should one duplex owner break the rules, the other owner is technically protected by the agreement and can put a lien on the other’s properties in order to collect funds if need be. You can have the best legal documents in the world, but if you have a neighbor who is not so nice, it’s likely you will have problems. As in condo developments, you might be able to get to know your neighbours better and learn more about them. You may also find it helpful to enter into legal agreements with them. You can also be protected by the agreement. It is possible for seemingly great neighbors to turn out to be awful. Although I don’t mean to be a jerk, if you are considering buying a duplex, you should consider the dual nature of the ownership agreement you are entering into. If you and your co-owners set the right rules, it can be a fantastic investment. Check out the below mentioned website, if you’re looking for more information on party wall surveyor london.
