Implement Your Exit Strategy

An exit strategy is proactive.

You and your co-buyer(s) should discuss different exit scenarios and agree on how to handle each situation early on—preferably before making offers on a home.

When you get together to define how to handle an unwind before it happens, you minimize the scope for confusion, conflict, and stress when it’s time to execute.

👉🏾 Guidelines to create an exit strategy:

✅ Ask and answer the right questions.

✅ Build consensus with your co-buyers/co-owners.

✅ Make sure everyone involved is heard.

✅ Record your decisions. If it is not in writing, it doesn't exist.

Don't forget to revisit your exit strategy periodically. It is best practice to include your exit strategy in a Co-ownership Agreement and to set a rhythm for reviewing and updating agreements as life changes. At a bare minimum, an annual review makes sense.

💡 Pro Tip

Co-create your exit plan as part of your Co-ownership Agreement. Revisit and update your plan as often as you and your co-owners like. Provisioning for your exit will reduce the likelihood of many, if not most, of the risks associated with an unwind—planned or otherwise.

You can co-create your exit strategy and Co-ownership Agreement with Co-ownerOS™, our new app for co-owners.