You should be aware of the legal aspects before buying a duplex. Many people don’t realize that duplex living is the same as living in a condominium. Before you sign the dotted lines, there are certain agreements that need to be agreed on jointly. Duplexes are increasingly popular, as they offer the opportunity to own a home and not be completely broke. 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. But like any “great deal”, there’s a flip side that should not be overlooked. You are taking over ownership of the property alongside a neighbor, in fact, a very close one. Your neighbour is so close that you will share a wall which divides your respective houses. The legally binding agreement known as “The Party Wall Agreement”, which is a part of duplex living, and of condo ownership, is very similar. If you are seeking for additional info on party wall surveyor london, just go to the above website.
It is not necessary. You can decide between who will have parties and when. Although, it may delineate acceptable noise levels for your prospective 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 might also address routine maintenance and stylistic and architectural issues, such as exterior appearance and construction of sheds and fences. You have the right to review and amend any existing party agreement before you purchase a duplex. If you are selling the duplex for the first time, it is a good idea to include “negotiating the party-wall agreement” among your offer’s subjects.
If one duplex owner violates the rules, the other owner can place a lien upon the property to collect funds. Of course, you can have the world’s best legal documents, but if your close neighbour is a “not-so-nice” person, well, then you’re 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. People who seem like great neighbors can become terrible ones. 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.