Real Estate Law
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Good afternoon. When you have shared ownership of real property, it is generally a good idea to put title in an LLC and then address the ownership and management of the property in the operating agreement of the LLC. Another alternative is a trust. Otherwise: i)any major decision....sale, financing, etc. requires the consent of all owners; ii) the succession ownership upon death and/or divorce can be uncertain; and iii) any owner can force the sale of the property by suit for partition if one owner wants to sell and the others won't agree or won't buy that owner's interest. This can all be resolved in an LLC operating agreement or trust agreement where you can have centralized management, a waiver of partition rights, and an orderly ownership succession upon death and/or divorce.
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