Legal Question in Real Estate Law in Pennsylvania

Re: Land Ownership

Having a large group of people co-owning property is not the best way to hold title. It is too easy for one or more co-owners to want to sell or dispose of their shares to the [perhaps unintended] disadvantage of others.

Your family should look into setting up a family trust or a corporation or similar entity, with each person holding an interest similar to stock interests in corporations.

There should be a well-written agreement governing the entity and the rights and obligations of each of the members. This should include contribution to the expenses of maintaining, repairing, insurance, paying the taxes, etc., as well as the rights of each member to withdraw and be paid for her/his interest. There also has to be a mechanism covering the cases where there is not agreement about buying another's or selling one's own interest, so that it will not be necessary to go to court to resolve the disagreement.

It is also possible to have restrictions on how or to whom interests in the property may be transferred, and how the property should be used or kept in the family.

Setting up such entities and writing proper agreements for all of those purposes is complicated, and requires the assistance of knowledgeable real estate and estate planning lawyers.

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.

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