Legal Question in Real Estate Law in Texas
Joint Ownership in Real Estate
I want to purchase a lake house with a another couple as a vacation property. Should we create some type of LLC or partnership before entering in this venture or draw up some type of contract?
Asked on 12/28/07, 11:55 am
1 Answer from Attorneys
Re: Joint Ownership in Real Estate
Yes you should have either a written contract or a business own the property. You may have a problem if the other couple divorces, dies, remarries, wants to sell, etc. Also, if you're planning on renting out the vacation property for profit, a business entity would be a smart move.
Answered on 12/28/07, 12:00 pm
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