Daily Real Estate News  |  November 21, 2007  |   Owning Duplex Unit Requires Cooperation
Buying a duplex is a lot like buying a condominium — except there are only two people in the association.

Duplex owners must compromise on repairs, maintenance, and aesthetic issues with their co-owners. In some parts of the country, the water and sewer lines are common so owners must split both usage and maintenance fees.

Decisions are typically spelled out in a party-wall agreement, which outlines each owner’s responsibilities regarding the structure.

Should one duplex owner break the rules, the other owner is technically protected because the aggrieved party can put a lien on the fellow duplex owner's property to collect funds, says James M. Mulligan, director of the Denver law firm Fairfield and Woods.

Potential duplex buyers can view the existing party-wall agreement before making a purchase. They can amend it as well, but doing so may require the approval of not just the other duplex owner but also the property insurance company and respective lenders, Wood says.

Greg Steele, an associate with Preferred Brokers in Denver, says he advises clients to meet with the duplex neighbor and see if a solid relationship is possible before making a decision to purchase.

Source: Denver Post, Christian Toto (11/18/07)