The Party Wall Agreement Isnt All Fun And Games

The Party Wall Agreement Isnt All Fun And Games



The Party Wall Agreement Isn't All Fun and Games
Before jumping into the​ purchase of​ a​ duplex,​ there are some legal issues that you'll want to​ consider .​
Many are unaware that duplex living is​ akin to​ living in​ a​ condo,​ and there are certain agreements that should jointly agreed upon,​ and on​ paper,​ before you sign the​ dotted line.
Duplexes have become more and more popular as​ they are a​ great way to​ afford the​ luxuries of​ home ownership without becoming totally housebroke .​
Generally much more affordable than the​ average single family home of​ equivalent square footage,​ the​ duplex appeals especially to​ young families and to​ couples looking to​ get into the​ market .​
But like any great deal there's a​ flip side that should not be overlooked.
To begin with,​ you're entering into ownership beside a​ neighbor,​ a​ very close neighbor in​ fact .​
So close,​ is​ your neighbor that you'll share a​ wall that divides your respective homes .​
The part of​ duplex living and ownership that is​ similar to​ that of​ a​ condo,​ is​ the​ legally binding agreement called,​ the​ Party Wall Agreement .​
No,​ this is​ not only there so you can mutually decide on​ who's having parties,​ and when .​
Although,​ it​ may delineate acceptable noise levels for your prospective parties .​
But,​ what it​ really is,​ is​ a​ sort of​ home association for a​ party of​ two.
The Party Wall agreement,​ will cover how the​ two sides of​ ownership will deal with shared expenses such as​ insurance,​ structural issues,​ including roof upkeep and replacement,​ foundation and shared utility service lines .​
It may also include routine maintenance and address stylistic and architectural issues such as​ the​ exterior look of​ the​ home,​ and the​ construction of​ other improvements such as​ fences and sheds .​
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 .​
Note that down the​ line,​ should one duplex owner break the​ rules,​ the​ other owner is​ technically protected by the​ agreement and can put a​ lien on​ the​ other's properties in​ order to​ collect funds,​ if​ need be.
Of course,​ you can have the​ world's best legal documents,​ but if​ your uber close neighbor is​ a​ not- so-nice person,​ well then you're likely to​ have problems .​
This being said,​ just as​ in​ a​ condo development,​ if​ you can meet with you're fellow neighbor,​ and get a​ sense of​ who they are,​ and what kind of​ life they lead,​ it​ may give you more insight into whether or​ not you'll want to​ live close to​ them,​ and enter into a​ legal agreement with them .​
The flip side,​ is​ of​ course nothing but the​ agreement can really protect you .​
Seemingly great people,​ can turn out to​ be terrible neighbors .​
Not to​ be a​ kill joy here,​ but if​ you're considering purchasing a​ duplex,​ keep in​ mind the​ true dual nature of​ ownership you're entering into .​
It can be a​ wonderful investment so long as​ you collectively set the​ appropriate rules to​ make it​ so.




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