Buying a two-family house with friends

Hello dear forum members,

we are currently facing the decision to buy a house together. Since this scenario is not very common, there are unfortunately only a few examples online, so I really hope you can help me.

The following important key data for you to better assess:
Apartment 1:
-about 40% of the total living area
-Condition: in need of renovation and restoration (status from the 1950s)

Apartment 2:
-about 60% of the total living area
-Condition: attic converted in 1983, upper floor ready to move in—but with an 80/90s flair (plastic windows, fitted kitchen from 2008)
-So it also needs renovation but is initially ready to move in, unlike Apartment 1

Plot:
>2,000m³ (divided into various parcels), but 90% is protected landscape area on a hillside and therefore hardly considered in the purchase price according to the broker
Partition declaration is not available, but we want to make up for that at some point

It was planned in the purchase contract to only divide the living area in a 60:40 ratio, the remaining areas were to be split 50:50.
According to feedback from the notary, this apparently is not possible and we can only buy 60:40 and additionally agree on a joint right of use. The only option would be to exclude all parcels and then split 50:50—with the consequence that the proportional purchase price for Apartment 1 would increase.

The 50:50 division was for us the compensation for not commissioning an appraiser to quantify the lower value of Apartment 1 but strictly dividing the purchase price according to living area. For various reasons time is pressing, so the purchase and financing should be handled as quickly as possible. The notary appointment is already set, financing is joint and several.

A fair transaction is the top priority for us. Therefore, the questions now:
-Do you think the condition of the apartment is heavily weighted or do you see the pure division by living area as correct?
-In your opinion, is it correct to divide the entire plot area 60:40 although it was hardly considered? Should at least a different m² price be applied?
-What other ideas do you have?

Thank you in advance for your assessments. We are really struggling.

Talk with your friends.
If you can't come to an agreement among yourselves, I see no future for the friendship project.

You understandably find it difficult because this is a difficult situation with many risks.
My question is whether it really cannot be divided into individual condominiums so that everyone is responsible for their own part?
One possible option might still be fractional ownership, but this also carries significant dangers.
Things and especially people (including oneself) change....... I would never undertake such a project if it were not clearly divisible so that I or my family will always be self-sufficient no matter what happens on the other side.

Time is pressing for various reasons,

A very bad prerequisite to find an adequately secure solution

The notary appointment is already set

I would first use this for proper advice and searching for a solution and only afterwards see if it can still work for both parties.

Financing is joint and several liability.

My comment on this: Ufffffffff (sorry but no more -f- possible)
I would worry less about a 40 or 50% share; the real problems and risks lie in the overall situation and exactly in the joint and several liability financing.
What will you do if......
- illness
- divorce
- no longer interested
- dispute
- unemployment or bankruptcy and much more.
Whatever you discuss beforehand, it must also work in emergencies or in the case of disputes.
You want it quickly and cheaply, I think....... exactly that can break your neck someday.
From what I read and additionally suspect, I would tell you: stay away!!! but very fast and far away, unless you can separate it cleanly so that it also works individually in an emergency.
And......EVERYONE pays and is responsible for their own stuff!
Nevertheless, you can share heating etc. like in a multi-family house or a condominium owners' association, but in my opinion there must be a clear separation or the possibility of separation; otherwise it is a powder keg...... and believe me, fundamentally I tend to think positively!

If it is supposed to be fair, then I would not just estimate roughly. And certainly not do something jointly and severally. And also not divide it sometime later. Do it sensibly!

If it is supposed to be fair, then I would not just estimate roughly. And certainly not do anything on a joint and several basis. And not split it sometime later either. Do it sensibly!

That's how it is, this can also be assessed externally or by a neutral person. Saving money here can turn out to be very expensive.

Talk with your friends.
If you do not come to an agreement among yourselves, I see no future for the friendship project.

We are doing that - we have been renting in the same building for many years.
That is precisely why all of us want a solution that is fair for everyone involved.