home partnership
we own a vacation home with a relative and we are the 2/3rds owner and they are the 1/3rd owner. How should we split all of the repairs or the updating as well as the monthly expenses?
Terry Says
NOW you’re trying to decide? After you’ve purchased the property?? This is a recipe for disaster!
Did you create an LLC to own the property? Did you sign an agreement in advance for all these issues? Is there a buyout agreement in case this doesn’t work and you want to buy out the minority partner?
What happens if one of you dies, or is incapacitated?
These are all issues that should have been discussed BEFORE the purchase — along with the most basic questions you asked.
At this point I suggest you see N attorney to create a written, bi ding agreement.
