There are some legal issues you should consider before purchasing a duplex. Duplex living is similar to living in a condo. There are some agreements that must be reached before you sign the contract. Duplexes are becoming more popular because they allow you to enjoy the luxuries and security of homeownership without being completely 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. But like any “great deal”, there’s a flip side that should not be overlooked. To start with, you will be taking ownership next to a neighbour. You’ll be sharing a wall to divide your respective homes because your neighbour is so close. The legally binding agreement, “The Party Wall Agreement”, is what separates duplex living from condo ownership. No. This is not a binding agreement. Instead, you and your neighbours can agree on who gets to have parties when.
It may also help you determine acceptable noise levels for your potential parties. This is really a home association for two people. The Party Wall agreement will outline how both sides will handle shared expenses like insurance, structural issues and roof replacement and upkeep. It also covers shared utilities such as foundation and utility service lines. It might also address routine maintenance and stylistic and architectural issues, such as exterior appearance and construction of 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. 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. If you’re looking to learn more about party wall surveyor london, visit the previously mentioned website.
If one duplex owner violates the rules, the other owner can place a lien upon the property to collect funds. It doesn’t matter if you have the most perfect legal documents. But if your neighbour is not very nice, you are likely to have problems. However, this is just like in a condo community. If you have the opportunity to meet your neighbours and gain a better understanding of their lives and personalities, you may be able to make a decision about whether you want to live near them and enter into a legal contract with them. Unfortunately, only the agreement will protect you. It is possible for seemingly great neighbors to turn out to be awful. Not to be a killjoy here, but if you’re considering purchasing a duplex, keep in mind the true dual nature of ownership you’re entering into. This can be a great investment, provided you all agree to the rules.