Legal Question in Real Estate Law in Minnesota

Re: Real Estate co-Buying

These are commonly referred to as co-tenancy agreements, but go by other names. To avoid legal disputes in the future, such an agreement should, at a minimum, address how the property will be acquired; how each party will contribute to the property, financially and otherwise; how each party will contribute to the maintenance of the property; and provide an orderly method for the parties' ownership relationship to be dissolved. You should have an experienced real estate attorney assist you with such an agreement.

Re: Real Estate co-Buying

The agreement is commonly referred to as a tenancy in common agreement (or a co-tenancy agreement) or, if between partners, a domestic partnership agreement. You can also have the ownership in an LLC or similar type of entity. You need to think about what happens if one of you wants out and the other does not -- e.g, one wants to move to Arizona, one gets divorced and needs to pay off his or her spouse, your interests just change, etc.