Legal Question in Real Estate Law in Pennsylvania

Real estate

I am planning on being a 50/50 partner on a rental property with my son, the property is now in his name and i plan on buying out half the property from him. Is there a legal document that can be drawn up giving me 50 percent owner ship with us having to go thru a settlement and title transfer, thus leaving the property remain in his name only but giving me the same rights as him. Thank you


Asked on 9/10/08, 9:39 am

2 Answers from Attorneys
Miriam Jacobson Retired from practice of law

Re: Real estate

Have you consulted with a real estate and tax lawyer about your plan? This is not a simple document that you could just prepare.

Whenever there is a private agreement between co-owners, but only one is in title, there are many problems, including the fact that the property may be lost to creditors of the title owner, and since others have no notice of the unnamed owner, they do not have to give the unnamed owner any notice. The legal owner may also sell or mortgage the property without consent of the other owner.

Partners need more protection and the right to enforce the terms of their co-ownership. A private agreement that is not recorded does not provide that.

If the property is transferred to a partnership or corporation or similar entity, and the co-owners have proper documents for the formation and government of that entity, you would be better served.

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Answered on 9/10/08, 10:27 pm
Michael Berman Law Offices of Michael A. Berman

Re: Real estate

You really need to talk out your options with an attorney. I have done this type of work for more than 15 years, so I feel confident that after discussing this, we can come to the best solution.

Mike

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Answered on 9/11/08, 4:50 pm


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