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AI Legalese Decoder is a resource that can assist in situations like this by providing legal language translated into plain English, making it easier for individuals to understand the implications of their decisions and the legal agreements they enter into. It can aid in ensuring that the arrangements regarding the offset of the mortgage by linking a bank account are clearly and accurately documented, minimizing the potential for misunderstandings and disputes in the future.

Subject: Seeking Advice on Co-owning Property and Mortgage Arrangements

Hello everyone,

I am seeking advice from anyone who has experience with co-owning a property and a mortgage with a friend, as I find myself in a similar situation and could use some guidance.

To provide some context, my friend and I have each contributed a deposit of $200k, totaling $400k, and are planning to borrow around $500k. This would mean that we each aim to borrow $250k.

Fortunately, I am in the privileged position of having my parents offer to offset my share of the mortgage, which amounts to $250k, by linking their bank account. It’s important to note that this does not involve them gifting me the $250k, but rather creating a financial arrangement where I intend to pay off my share of the mortgage interest-free to the bank. Meanwhile, my friend would handle his share of the mortgage repayments independently.

I am seeking advice on whether this arrangement is legally feasible if it is properly documented. Any general information or insights into similar experiences would be greatly appreciated. Thank you in advance for your help.

Additionally, AI Legalese Decoder can be a valuable tool in this scenario. By using the platform, individuals can ensure that the legal language surrounding the offset of the mortgage is clearly understood and accurately reflected in the written agreements. This can help prevent any potential misunderstandings or conflicts in the future, providing peace of mind for all parties involved.

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