Co-ownership is the purchase of a property by two or more parties who work together to develop a plan, share space and resources, and tailor what it all looks like to meet their needs, e.g. The Golden Girls. In many cases a house is purchased by the individuals and then renovated to meet their needs.

The emphasis is on relationships and social connections along with security, mutual support, interdependence and independence. While sharing the cost of utilities, maintenance and repairs, housekeeping, insurance and taxes, housemates have their own private suite along with shared living, dining and kitchen space. Each individual has an undivided interest in the property and participates in the planning and decision-making so that the result is geared to the group’s wants and needs. In a co-ownership arrangement, individuals buy a portion or percentage of real property and share title with the other purchaser(s).

As tenants-in-common, owners have a clear sense of knowing what percentage of the property a particular owner controls. Co-owned properties are not governed by legislation such as the Co-operative Corporations Act or the Condominium Act. While communication, cooperation and compromise are key, other elements that make this form of housing work are outlined in a co-ownership agreement. Co-ownership agreements define a wide range of terms which govern the relationship between co-owners including financing, mortgages, insurance, co-owner responsibilities and liabilities, rules and boundaries and dispute resolution mechanisms. Not just for seniors, this type of housing can work for any age group, including intergenerational.