Co-owner habitation agreements
Co-ownership and co-habitation agreements are a sign of commitment not of distrust. In our experience, where people discuss their expectations and intentions upfront, they are far less likely to run into problems further down the line.
When you are buying a property with other people, you need to establish what will happen if one of you wants to sell. A co-ownership agreement will outline the steps you should take, and typically, how you would value the property and give your co-owner first refusal to buy your share.
We all have differing expectations, but it is far easier to discuss possible areas of conflict when you start out rather than to try and deal with them, for the first time, once they arise. So, for example, if friends are sharing, they could agree to alternate who gets to use the garage every year or what would happen if one has to move away for work reasons.
Couples living together may want a more extensive agreement. These can be as simple or detailed as you need.