Sharing Property Ownership?
Barbara is considering sharing ownership of some property with her parents, but Dave thinks they should re-draw the property lines so they don't ruin their relationship.
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.