Legal Question in Real Estate Law in Pennsylvania

Re: Alternative to own property with siblings

Many issues are involved in deciding how to take title with others.

If the daughters are minors, they cannot own property.

Joint ownership, which is usually "with rights of survivorship" means that when one owner dies, the other owner[s] automatically become the owners of the property. When there are more than 2 owners, it has to be carefully stated to avoid later confusion and disputes.

Unless there are special circumstances, and the property is not your residence, you do not need a corporation. Setting up a corporation has its own cost, and requires annual tax returns be filed for the corporation, which will be a continuing cost.

In no circumstance should one person take title and have an "informal agreement" about how the property is owned.

A trust also creates additional issues.

As you can see, there are many considerations, each with its own issues.

The best course is to consult with a real estate lawyer in your area to help you make this decision.

Re: Alternative to own property with siblings

The answer really depends upon your long-term desires and how the property is to be used. I find that the greatest flexibility is using a family Living Trust which must be "revocable" if mortgage financing will be involved. This allows you to all homeowner benefits, still allows the property to go to your daughters upon your death, protects the property if they get married and divorced, allows them to be owners even if they are minors and provides many additional benefits, whether or not the property is residential or commercial. If no mortgage financing is involved, it can provide estate planning benefits also by being "irrevocable". I can assist you in doing this, and if you need help or more information contact me directly.