When buying or selling a house, co-owners follow the same steps that other home purchasers and sellers follow.

In a joint purchase or sale, it is important to clearly understand what is important to you and to your co-owners.

Flexibility on all sides may be needed to find a house that meets the expectations of all buyers.


Co-owners need to consider the type of house they want and how much they can afford to pay for it. Costs to be considered include :

  • down payment
  • mortgage payments
  • renovation costs
  • ongoing operation and upkeep expenses such as maintenance, property insurance, utilities and property taxes
  • costs of real estate transactions such as legal and realtor fees, land transfer tax


If a mortgage is needed, co-owners will need to work together with a financial institution to obtain one.

It is important to note co-owners will have to share information on income, assets, debt and credit history with each other.

Co-owners may want to get a pre-approved mortgage or ensure that a condition of obtaining financing is included in any purchase offer(s).

Get professional services

Co-owners will need to work together to find a house that suits everyone. We recommend co-owners work with a real estate professional who will help them through the buying and selling process.

Prior to the sale, you should hire a home inspector to verify that the house is in good condition. If you are buying a house that has already divided into separate units, make sure that the units were created legally and comply with zoning, building and any other applicable requirements.

Co-owners should obtain professional legal services for the purchase agreement, as well as for registration of the co-owners on title or obtaining title insurance.

Co-owners should also get sufficient property insurance to protect themselves and meet mortgage financing requirements.