Shared and Family Ownership
How To Own Property With Friends and Family
This page features articles and links relating to friends and families sharing ownership of property, especially vacation homes and inherited family homes. To learn about shared ownership legal services offered by SirkinLaw, visit Our Services.
Whenever two or more people, couples or families share property, education and planning can dramatically improve the shared ownership relationship. Learn the major shared ownership issues, and have a more enjoyable, more profitable and less risky co-ownership experience.
Formulating a plan in advance for handling the most important family ownership issues, and agreeing to stick to the plan unless everyone wants to change it, dramatically lowers the risk of tension and disputes. This article will guide you through the key issues for families sharing vacation homes.
Domestic partnerships and other non-marital relationships are unlike marriages in that there is no well-developed body of law to govern property rights following separation or death. Resolving property disputes can be expensive, time-consuming and personally destructive. In addition, both the beginning and the end of an unmarried couple’s relationship can have income and property tax consequences which can be minimized or even eliminated with planning.
This agreement template is designed for situations where two parties will co-own a home and live in it together. It will work when the property is owned in equal shares or unequal shares, where the ownership percentage will change over time, or where one party will lend the other money. Suitable for any U.S. state, plain English easy to understand and customize, seven pages long with a detailed table of contents for easy reference.
A detailed explanation of how to avoid property tax increases triggered by changes in ownership or the manner of holding title, including spousal transfers, tenant in common interests, joint tenants, limited liability companies and gifts (10MB, PDF)