Sharing Property Ownership?

QUESTION: Barbara and her husband are purchasing a piece of property and are considering sharing ownership with her parents.  What are the procedures for this?

ANSWER: First, you need to find out what you need to do to re-draw the property lines on the land.  I would recommend getting a boundary survey, especially since family is involved in this deal.  Re-drawing the property lines allows you to be next door neighbors without being part-owners of the property together.  You’ll have two separate closings and will both own your own share of the property.

Owning property with family is not something I recommend – it will ruin a perfectly good relationship.