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Frequently Asked Questions

Get answers to our most commonly asked questions about Homeownership.

Co-Buying Basics

What is co-buying?

Co-buying is a process where two or more individuals pool their resources to purchase a property together.

What are the benefits of co-buying?

Co-buying allows buyers to share the financial burden of homeownership, increase their buying power, and potentially afford a better property in a desired location.

How does Pairgap help with co-buying?

Pairgap provides tools, resources, and matchmaking services to help co-buyers find compatible partners, create legally binding agreements, and manage ongoing responsibilities.

What is a co-buyer agreement?

A co-buyer agreement is a legal document that outlines the shared expectations, responsibilities, and financial arrangements between co-buyers.

How do co-buyers handle mortgage payments?

Co-buyers can agree to split mortgage payments equally or based on a predetermined arrangement specified in their co-buyer agreement.

How does Pairgap handle conflicts between co-buyers?

Pairgap provides resources for co-buyers to manage conflicts, such as a dispute resolution process and access to legal resources. Pairgap also encourages open communication and collaboration between co-buyers to prevent conflicts from arising.

Find Your Co-Own Partner

Pair with partners that have the same goals online and our networking events.

Financing and Affordability

Can co-buyers apply for a joint mortgage?

Yes, co-buyers can apply for a joint mortgage, which allows them to combine their incomes and assets to qualify for a higher loan amount.

How can co-buying help with affordability?

Co-buying allows buyers to split the cost of a property, making it more affordable and increasing their purchasing power in high-priced markets.

Legal and Documentation

Is it necessary to have a legal agreement in co-buying?

Yes, a legal agreement, such as a co-buyer agreement or real estate prenup, is crucial to outline the rights, responsibilities, and financial arrangements of co-buyers.

What is a real estate prenup?

A real estate prenup is a document that protects the interests of co-buyers by defining their respective ownership shares, contribution amounts, and exit strategies.

Can co-buyers have different ownership percentages?

Yes, co-buyers can have different ownership percentages based on their financial contributions or other agreed-upon arrangements.

Can co-buyers sell their share of the property?

Yes, co-buyers can sell their share of the property, but the terms and conditions for selling should be outlined in the co-buyer agreement.

What happens if one co-buyer wants to exit the arrangement?

The co-buyer agreement should outline the process for a co-buyer’s exit, including options such as selling their share to the remaining co-buyers or finding a new co-buyer

What are the tax implications of co-ownership?

Co-owners may be subject to different tax considerations, and it is advisable to consult with a tax professional to understand the specific implications based on their situation.

Can co-buyers refinance the property in the future?

Yes, co-buyers can choose to refinance the property, subject to approval, to take advantage of better interest rates or to adjust the ownership structure.

Finding Co-Buyers and Matchmaking

How does Pairgap match co-buyers?

Pairgap uses compatibility tests, financial assessments, and lifestyle preferences to match co-buyers who have complementary goals and preferences.

Can co-buyers bring their own co-buyers to Pairgap?

Less than you might think. You can make a down payment that’s as little as 3% of the property cost.

Other Questions

Can co-buyers use Pairgap to purchase any type of property?

Yes, co-buyers can use Pairgap to purchase any type of residential property, including single-family homes, 2-4 family homes,, condos, and townhouses. Pairgap can also assist with finding properties that are suitable for co-ownership.

How are ownership percentages determined in co-ownership?

Ownership percentages are typically determined based on the amount each co-buyer contributes towards the purchase price and ongoing expenses. Pairgap provides a calculator tool to help co-buyers determine their ownership percentages.