If you are thinking about buying a condo, townhome or residential unit inside a North Carolina building, there is a good chance your dream home has at least one party wall. While this barrier sounds like a great deal of fun, it may also give you some headaches down the road.
A party wall is simply a shared wall between two separately owned residences. If your next property has one, you should be certain you understand the terms of the party wall agreement. On the other hand, if the wall does not have an existing agreement, you may want to think about negotiating one.
The importance of party walls
Multi-family buildings are appealing to many buyers, as they often offer amenities that single-family dwellings lack. Party walls are important not only for separating individual units but also for providing structure to the entire building. Likewise, these walls may serve as sound or fire barriers, making them critical for every owner’s full enjoyment of the property.
The intricacies of party wall agreements
Even though your realtor may be able to tell you about the existence of a party wall agreement, he or she may not know much about its technical details. Your real estate attorney can explain these to you. Generally, though, these agreements outline each owner’s rights and responsibilities. They may also address upkeep obligations, modification procedures and other important matters.
Like with other documents that relate to your real estate purchase, you must understand every aspect of your party wall agreement. Ultimately, knowing how to comply with the agreement is one part of being a good neighbor in a multi-unit dwelling.
