Legal Question in Real Estate Law in New Jersey
Here is my concern, I just purchased a property in Trenton, New Jersey, along with two other people�a very close friend and a family member. We decided to invest in real estate after our plan for other business was dissolved. After purchasing the property, we intend to rent it, possibly to me (as a co-owner). Because our goal will be to continue purchasing properties for investment purposes, we hoped to start with this property in order to learn more about home ownership and the challenges associated with buying and selling properties for investment purposes. Since the other two prospective co-owners reside outside the US, how can I ensure that their interests are protected? What documentation must be in place in order to accomplish that? Since I will be moving into the property myself, how does one�s spousal relationship affect the agreement? My partners trust that I will take the most effective and equitable approach, with that in mind, I want to make certain that this transaction is done �by the book� and is legally binding. During the purchasing we completed a �purchaser addition addendum to purchase agreement� for one of the partners. But because he was not in the country during closing, I closed the property all in my name�property and deed is all in my name. I don�t know if this is sufficient where the title/deed to the property is concerned. How can I best manage this situation?
Is it possible to register a partnership business and transfer the property to that business? If so, what needs to be in place to accomplish this?
I�d appreciate learning the best options available in this situation. Thank you in advance for your assistance.
2 Answers from Attorneys
I hate it when lawyers answer "you need to consult a lawyer."
However, you are not asking a simple straightforward question. It involves many areas of law and will require more complex solutions.
In this case, you really do need to consult with, and engage the services of a lawyer. This is not a DIY, and there are no form documents that you could purchase to accomplish what you set out as your goals.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
Miriam Jacobson
Law Offices of Miriam N. Jacobson
1900 JFK Blvd. Suite 1519
Philadelphia, PA 19103-1431
also licensed in NJ
I agree with Ms. Jacobson. You correctly recognized that you have a situation that is better addressed before it becomes a problem. That said, you should sit down with a lawyer who can ask you questions and understand the whole situation. � See also: http://info.corbettlaw.net/lawguru.htm
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