Don’t own property together without one.
Too often, people buy real property together with family members or friends with just a general concept of sharing income and expenses but without giving any real thought to the many issues involved with co-ownership. Without proper planning and agreement on key issues, co-owners are likely to become co-enemies which leads to damaged relationships and lawsuits.
The Strombotne Law Firm provides a comprehensive legal service to help the parties evaluate and agree upon the key issues in the co-ownership of real estate, and prepare the appropriate legal documents and agreements. Co-ownership issues include the following:
- Purchase terms
- Purchase contract and disclosures
- Representation, escrow and title
- Form of holding title
- Percentage ownership interests
- Length of ownership
- Payment of expenses, joint bank account
- Failure to pay
- Spending limit
- Remodel and improvement plans
- Payment for co-owner labor
- Occupancy and rental
- Management
- Accounting
- Early termination
- Death, divorce or incapacity
- Sale of property
- Distribution of profit or losses
- Property tax issues
Please call or email to set your appointment.