Exit Strategy FAQs
When do we create an exit strategy?
As early as possible, ideally during the initial planning stages for co-buying. This allows you to identify any differences of opinions and work them out, or not.
Can we modify the exit strategy later?
Absolutely, but any changes should be agreed upon by all co-owners and reflected in an updated Co-ownership Agreement.
Why do we need to put an exit strategy in writing?
Verbal agreements are a shaky foundation for multi-party asset management. Memories fade, and details are difficult to prove. Even when co-ownership unwinds amicably, external parties frequently become involved in the sale or transfer of homeownership: courts, the IRS, creditors, and insurance companies. These external parties won’t have access to the details of a verbal agreement and do not have an incentive to simply “take your word for it.”
Including your exit strategy in a written agreement provides clarity, minimizes doubt, and establishes a record of your decisions.
In short, writing things down protects your interests as co-buyers and will give you peace of mind.
Course Authors
Matt Holmes (LinkedIn) is co-founder and CEO of CoBuy, formed in 2016 to unlock homeownership for everyone. Before hopping a flight to Seattle to start CoBuy with his mother, Matt worked in investment banking and financial markets in London for a decade. He holds degrees from University College London (BSc Economics) and ESCP Business School (Masters, London & Turin).
Pam Hughes (LinkedIn) is Co-founder and COO at CoBuy. She has over 40 years of experience across finance, real estate, insurance, and construction. Pam has committed to personal empowerment through financial education for decades, which inspired her to start CoBuy with her son in 2016. She's best friends with a small dog known as Francis.
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