I'm looking for some general thoughts on joint purchase of a single property by several people -- my siblings and I, to be precise. (I know there are some threads adjacent to this topic, like dthmj's saga thread, but I think this is a slightly different issue.)
Disclaimer: I'm aware that we will likely need actual legal help with this. I am not seeking to use TCF as a proxy for a real attorney. I am just looking for some general thoughts from anyone with experience doing this.
Background: My sisters and I may have the opportunity to jointly purchase a vacation home in a location where my family has been taking summer vacations for literally my entire life. Our intent is that this would eventually be a multigenerational family vacation home, which is common for other properties in this area. The cost is such that it would be impractical for any one of us to make the purchase ourselves; a joint purchase removes that restriction. And we really do all want to share ownership. This will be a family asset. (Again, this is common in the area in question. Our neighbors there share the property among five generations of their family!)
Questions: This opportunity may come and go quickly, so we are trying to get grounded on the mechanics of making a purchase this way as fast as possible. (I'm not worried about the arrangements after the purchase for now, such as who pays for what maintenance, and so on.) I have no idea how to set ourselves up to do it. For example, what name(s) would be on the mortgage? The tax records? Does it have to be one of us (and if so, how do the others legally participate), or can it be all of us? Or do we need to set up a corporation of some sort to be the legal owner, and then we all have a stake in that? How does insurance and liability work?
Again, we will consult appropriate legal help for all this. But I'd be grateful for any informal knowledge or advice from TCF to help me start thinking about this properly. Has anyone here done something like this?
Thanks.
Disclaimer: I'm aware that we will likely need actual legal help with this. I am not seeking to use TCF as a proxy for a real attorney. I am just looking for some general thoughts from anyone with experience doing this.
Background: My sisters and I may have the opportunity to jointly purchase a vacation home in a location where my family has been taking summer vacations for literally my entire life. Our intent is that this would eventually be a multigenerational family vacation home, which is common for other properties in this area. The cost is such that it would be impractical for any one of us to make the purchase ourselves; a joint purchase removes that restriction. And we really do all want to share ownership. This will be a family asset. (Again, this is common in the area in question. Our neighbors there share the property among five generations of their family!)
Questions: This opportunity may come and go quickly, so we are trying to get grounded on the mechanics of making a purchase this way as fast as possible. (I'm not worried about the arrangements after the purchase for now, such as who pays for what maintenance, and so on.) I have no idea how to set ourselves up to do it. For example, what name(s) would be on the mortgage? The tax records? Does it have to be one of us (and if so, how do the others legally participate), or can it be all of us? Or do we need to set up a corporation of some sort to be the legal owner, and then we all have a stake in that? How does insurance and liability work?
Again, we will consult appropriate legal help for all this. But I'd be grateful for any informal knowledge or advice from TCF to help me start thinking about this properly. Has anyone here done something like this?
Thanks.
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