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Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 2564
Experience:  Helping you with your legal questions.
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My wife and I are purchasing a get a, property and I am

Customer Question

my wife and I are purchasing a get a
JA: Where is the property located?
Customer: property and I am wondering how to write up a document where as if something would happen to either couple how the remaining couple would have first chance to buy out the other.
JA: Has any paperwork been filed?
Customer: the property is located in show low arizona and we just got some paperwork from the title company to start moving forward
JA: Anything else you want the lawyer to know before I connect you?
Customer: nothing else I can think of
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Damien Bosco replied 9 months ago.

Hello. My name is***** am an attorney. I will review your question and develop a response. We may discuss it too. Does that sound good to you?

Expert:  Damien Bosco replied 9 months ago.

Are you saying that you are buying property with another couple? It is a little unclear. Please provide a little background so I can help you.

Customer: replied 9 months ago.
Buying a property with another and if something happens to one couple the other would have first chance to buy out the other half
Expert:  Damien Bosco replied 9 months ago.

Hello again: That is a very unique plan you have there. It is quite unusual. Let's think of certain ways you can do this. You could put all your names on the deed, but it may seem you would still need to have a separate agreement. Possibly it would be better to purchase the property as an LLC, that way you can all be members of the LLC and have an operating agreement setting for the terms such that after the surviving spouse dies, the other couple or person has the right to buy out the other's share. This would be a buy-sell agreement. We can discuss more if you would like to do so.

Expert:  Damien Bosco replied 9 months ago.

Hello: I have not heard back from you. I am following up to see if you still need further help. If so, please let me know. If not, I hope that I have provided excellent service and, if so, would love you to give me a 5 star rating. If the answer was especially helpful you can provide a bonus too! Best regards.

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