Timeline for Split buying a house 3 ways. How do I approach this?
Current License: CC BY-SA 3.0
4 events
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| Nov 23, 2016 at 18:34 | comment | added | corsiKa | One of the most important things to get in writing is how to resolve disputes. A venture like this can bring friends closer together (who doesn't like making money?) but it can turn sour quickly. What happens if two people want exclusive use the same weekend? What happens if two people want to rent to different lucrative clients? If I damage it on my weekend, how much is your share to fix it back up? Make it fair before a penny is paid anywhere. I've seen friends lost of 20 bucks before, imagine over 200k?! | |
| Nov 22, 2016 at 23:25 | comment | added | gef05 | Good answer. This "arrangement" being entered into will survive or fall on the basis of what the parties agree to before it takes effect. There's a tendency (maybe not with the OP) to believe that details can be worked out later. Disastrous. | |
| Nov 22, 2016 at 23:06 | comment | added | ventsyv | Excellent answer. Just want to add that OP should create an LLC / LLP to protect themselves against lawsuits. Also on the money out question - if one of your partners gets divorced their spouse will have a claim on his/her portion of the partnership. If your partner is forced to sell, you might want to stipulate that the rest of the partners get first pick. | |
| Nov 22, 2016 at 20:21 | history | answered | Grade 'Eh' Bacon | CC BY-SA 3.0 |