Buy Real Estate Now


Real Estate News

Buy Real Estate Now


Written By: Saul Klein
Monday, October 15, 2018

I will have an entire series on this subject soon if there is an interest. We call it "Syndication" and it may be your key to financial freedom and a successful real estate business.

Considerations When Purchasing Property With Others

Whenever you consider owning property jointly, there are long-term considerations to bear in mind. We have highlighted a few important points to clarify before going to contract:

1. Look at the >

2. Provisions on an agreement might need to address additional persons one or the other of the owners may want to bring into the jointly owned property. If buyer 1 brings in another person to live with, that makes buyer 2 crazy, then it is better to have some kind of provision for settlement prearranged for possible problems or complications.

3. Decide how the title will be held prior to purchase. As joint tenants, if one party dies, the other party enjoys the right of survivorship. However, if the title is held in a tenancy in common, one party can dispose of their share to whomever they choose, leaving the other divisional owner at a possible disadvantage depending on the circumstances.

4. Outline a set of guidelines for repairs in advance. If one party wants to put on a new roof, and the other party doesnt want to invest the money, what happens? Delineating specific points of repair or replacement can make improvements an easier subject to deal with. Keeping track of which owner has contributed the investment/improvement dollars can make reimbursement at the time of sale easier and clearer.

These are just a handful of the questions you may want to ask yourself before investing with others in the homeownership/real estate investment game.



Copyright© 2019 Realty Times®. All Rights Reserved

 

Miami Dade Seller Services, Selling Your Home | The Reznik Group
Miami Property Search
Search in Spanish
Search in French
Search in German
Search in Italian
Search in Portuguese
Search in Russian
Search in Chinese
Facebook Twitter Linkedin Active Rain Instagram
Search by Map Miami Dade Seller Services Visit Our Mobile Website Sunny Isles Beach Penthouses

Bookmark this Site Client Login | The Reznik Group
Updated: Wednesday, March 20, 2019

Nightmare Neighbor: Disturbing...
The first year I lived here it only happened once or twice a month. But about two years ago ...

Its a Beautiful Day in the Gay...
The survey also focused on housing discrimination among the LGBTQ community, noting that, ld...

5 Overlooked Factors That Can ...
1. The age and condition of your house.This is one of the most obvious factors and ...

Ask the HOA Expert: Gutters Th...
Until the late 19th century virtually all rain gutters were made of wood. With the advent of...

8 Easy Ways To Improve Your Ho...
1. Spruce Up the Front Door Your homes front door is like a welcoming smil...

Copyright ©2019 - Realty Times®
All Rights Reserved.

View All News
Ritz-Carlton Residences Condominium Construction Update September 2018
The Reznik Group is proud to feature the currently under construction Ritz-Carlton Residences...

Turnberry Ocean Club Construction Update - September 2018
The Reznik Group Miami Luxury Realtors is proud to feature the currently under construction...

View All Blog News