If you are thinking of buying a home with your partner, it is important to plan the combination of your assets. Here are some details on how to buy a joint ownership property. At RE/MAX Atlantis, we have real estate advisors who will guide you through the entire buying process.
What are joint properties?
Joint property is property acquired during marriage or otherwise shared, which is divided according to marital property law.
RE/MAX Atlantis real estate and real estate law are governed by the constitution of the Dominican Republic and the civil status, Law 108-05 of Real Estate Registry and its regulations.
Advantages of joint ownership
- Two are better than one
When looking for and choosing the property that suits your possibilities, it is better to have the approval of the person with whom you will share the property. REMAX Atlantis has a wide range of properties that will suit you and your partner’s needs at the time of purchase.
- Increases the likelihood of obtaining a mortgage loan
If either spouse’s income is not sufficient to purchase a property, combining both spouses’ incomes helps increase the chances of obtaining a mortgage loan. In addition, it gives you the facility to acquire a loan with a larger amount to finance the purchase of the property you want so much.
- Best coupling
By combining your savings with your partner’s, you can make a larger down payment, which means that credit requirements and interest payments end up being lower. Therefore, a lower interest rate will be generated per property payment than if you only make the minimum down payment required.
- Sharing maintenance costs
Taking care of a property requires a lot of time, energy and money. Knowing that the necessary maintenance and repairs can be shared, like any other service, gives you peace of mind as the responsibility is shared by both parties.
- Secure your investment
Acquiring property is considered an important investment in your life, doing it jointly can help you to stabilize that investment and that its value is not affected if it turns out that after a while you separate from the person with whom you decided to buy a property.
Disadvantages of joint ownership of properties
There are many situations that arise over the years, where the property you have acquired within the joint property may be compromised.
There are other variables that can delay the payment of the mortgage or mortgage loan; among them is that one of the two is going through a process of unemployment, or unforeseen health or unbalanced spending capacity of the couple, these and other problems can lead to the delay or default of payment.
For this reason, we recommend that you seek advice from professionals in the field, in Remax Atlantis we have a highly trained team that will accompany you throughout the process of acquiring a property with your partner.