Simple partnership or co-ownership

When there are multiple buyers (for exemple, a couple), the notary must indicates the type of acquisition selected, namely a simple partnership or a co-ownership.

Differences between the forms of ownership

In a simple partnership model, the owners form one and the same «voice». They must agree on any decision, and they own the property jointly.

In a co-ownership, the buyers are each the owner of a percentage of the property. For a couple, each party could own 50% for exemple. However, the distribution could also be 70%/30% or 90%/10%.

The importance of the right partnership

For non-married couples, a simple partership model should be excluded. For married couples, both options are possible and should be considered.

In order to decide, it will be imperative to consider the assets each have brought in, as well as if donations/loans were part of the transaction. In any case, it will be important to ensure that there will be no tax on donation.