There are some legal issues you should consider before purchasing a duplex. Many don’t know that duplex living can be as similar to living with a condo. Therefore, it is important that you and your spouse agree on certain terms before you sign anything. Duplexes are increasingly popular, as they offer the opportunity to own a home and not be completely broke. Generally much more affordable than the average single-family home of equivalent square footage, the duplex appeals primarily to young families and couples looking to get into the market. Like any great deal, there’s a down side. You are taking over ownership of the property alongside a neighbor, in fact, a very close one. Because you live so close to each other, you will share a wall that divides the homes of your neighbours. The legally binding agreement, “The Party Wall Agreement”, is what separates duplex living from condo ownership. If you are searching for more information on party wall surveyor london, take a look at above website.
This isn’t necessary. It allows you to mutually decide who’s having whom and when. It may also help you determine acceptable noise levels for your potential parties. However, it is a kind of home association for two. The Party Wall agreement will provide details on how the owners will pay for shared expenses, such as insurance, structural concerns, roof replacements, foundation maintenance, and shared utility service lines. It might also address routine maintenance and stylistic and architectural issues, such as exterior appearance and construction of sheds and fences. Consider that before purchasing a duplex, you are entitled to peruse the already existing party agreement and to enter into negotiations to make amendments, if necessary. If this is the duplex owner’s first time selling one half of the duplex, you might want to have “negotiating a party-wall agreement” as one of your offer’s subjects.
You should note that if one owner of the duplex violates the rules, the agreement protects the other and allows the other to place a lien on the property of the other to collect funds. While you might have the best legal documents on the planet, if your closest neighbour isn’t a pleasant person you are more likely to have problems. It is possible to get to know your neighbor and have a conversation about their life. This can help you decide if you would like to live next to them. The flip side of the coin is that only an agreement can protect you. Even the most admired people can be terrible neighbours. It’s not my intention to be a killingjoy, but it is important to understand the dual nature that you’re buying a duplex. This can be a great investment, provided you all agree to the rules.