> JOINT VENTURE TIPS AND TACTICS

If you’re looking to buy property with a friend or family member, there are a few things to keep in mind before signing your name on the dotted line. TD’s Michelle Snow recommends:

• Decide on a budget and how much you’re willing to put toward a down payment.

• Discuss how monthly mortgage payments will be made after the purchase.

• Come to an agreement on the key characteristics you’re looking for in a property, which will usually involve some compromise.

• Decide how taxes, insurance, utilities, repairs and maintenance fees fit into the overall budget. Consider opening a joint account.

• Decide how long you will own the property together (it probably won’t be forever) and what will happen if one person wants to sell and the other doesn’t.

• Hire a lawyer and make sure these points are covered in a legally binding contract.