Before jumping into the purchase of a duplex, there are some legal issues that you’ll want to consider. 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 are becoming more popular because they allow you to enjoy the luxuries and security of homeownership without being completely housebroke. 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. However, there is a negative side to every “great deal”. 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.
This isn’t necessary. It allows you to mutually decide who’s having whom and when. Even though it might delineate acceptable levels of noise for your 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. It is important to remember that you have the right, before buying a duplex for sale, to read and negotiate any amendments to an already existing party agreement. If it’s the first time that the owner of a duplex is selling one-half, it might be a good idea for them to “negotiating a Party-Wall Agreement” as one of their subjects.
If one duplex owner violates the rules, the other owner can place a lien upon the property 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. 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. Unfortunately, only the agreement will protect you. 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. It can be a wonderful investment so long as you collectively set the appropriate rules to make it so. Make a search on the below mentioned website, if you’re searching for more details about party wall surveyor london.