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I am buying a condo for my 3 children and put it in their

 
RE Att. & Developer's Avatar
  • Answered by:RE Att. & Developer
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I am buying a condo for my 3 children and put it in their names what is the best way for them to hold title to this condo just put it into the oldests childs name or put it in all 3 of their names or should they form a LLC. 2 of them are married.

 

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State/Country relating to question: Maryland

Submitted: 369 days and 8 hours ago.
Category: Real Estate Law
Value: $25
Status: CLOSED

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Expert:  RE Att. & Developer replied 369 days and 8 hours ago.

Good morning. The best way to handle this would be to put it in an LLC so they don't need a unanimous decision on everything and can manage it by majority vote and deal with ownership changes. Otherwise, with multiple ownership in undivided interests, it is far too cumbersome.

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Expert TypeLawyer
Category: Real Estate Law
Pos. Feedback: 98.6 %
Accepts: 16103
Answered: 5/11/2012

Experience: Texas lawyer for 32 years; Also RE developer

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