As you undoubtedly know, the real estate market has been extremely hot in recent years. While there are some signs the market is cooling, a new home remains a major financial investment. In fact, according to Zillow, the average home value in Tyler is more than $230,000.
Condos and rowhouses are often less expensive than detached homes. Before you purchase one of these residences, though, you should understand party walls. You also should know about the agreements that usually go along with them.
Separations between two properties
Party walls are the separations that exist between two independently-owned properties. These walls generally sit on top of the property line, giving them two owners: you and your neighbor. That is, while you own your side of the wall, your neighbor owns his or her side of it. Naturally, this fact usually means you cannot relocate or modify a party wall.
Agreements between two owners
Because party wall agreements have two owners, they can be sources of contention. For that reason, many party walls have party wall agreements that inform both owners of their rights and responsibilities. These might include obligations to make repairs or invest in upkeep. If you and your neighbor disagree about a wall-related matter, the party wall agreement also might tell you how you must resolve your disagreement.
It is not necessarily risky to buy a house that has a party wall. Ultimately, though, if you are thinking about purchasing one, you may need to perform some additional due diligence prior to closing.