OfflineHas anyone sold off a piece of their property to another investor? Hypothetical would be: Just bought a property for 150k was talking to friend and he/she said hey I want in on that would you be willing to sell me 20%? I wouldn't mind the extra 30k but how would the legalites work? Could you quit claim a percentage? It's an interesting question (to me anyway) and I am very interested in hearing what the DG Family has to say.
Cathy
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Cathy B
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I guess no one finds the question as interesting as I do.
Cathy
Cathy B
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In Arizona it is possible to take title as "Tenancy in Common". This allows two or more persons to hold title on a piece of property. Each owner has a proportionate interest without the right of survivorship. A tenant in common can transfer his/her interest without destroying the co-tenancy estate. This can be established through any legal agreement between the parties.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thank you very much for your response. Can the "Tenancy in Common" happen at any time? and does it have to be proportionate?
Cathy
Cathy B
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Proportionate ownership can be at any percentage you would like, as long as total equals 100%. If you want a 50/50 ownership, or a 99/1 ownership, it can be set up that way. Title can also be taken as a "Partnership", as long as the partnership is formed under the laws of the State of Arizona. You can make changes to the title at any time, as long as the documents are recorded with the proper government agency.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw