I am purchasing a property with a business partner. He has his entity and I have mine. Both of our entities will be on title. Should we hold title as Joint Tenants or Joint Tenants in Common? Is there any other recommended or better way to hold title? Thanks.
This is not something to decide from advice received on an online forum. Consult an attorney and your tax professional before you take title to the property. In some cases it is better to create a separate entity to hold the property. It may seem unnecessary, but spending some money on a lawyer now may avoid headaches in the future.
I provide a free 15 minute telephone consult for security deposit claims and eviction defense. No attorney-client relationship is created by answering questions in this public forum. If you wish to create an attorney-client relationship, you must contact me directly and sign a representation agreement. Answers are provided based on general ideas and an answer specific to your situation would require a review of all documents.
You should probably enter into a joint venture agreement by setting up and LLC or LLP to take title to the property. Another option would be taking title in a Florida Land Trust. You should consult a lawyer in you area who is experienced in real estate law.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
Unless you specify otherwise, you would take as tenants in common (co-tenants).
My colleagues are correct to advise to consult with a local attorney about your options.
If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.
Because business entities are involved, titling the property can be tricky. I assume that you want the property to pass to the other entity should one entity cesae to exist or if one of you passes away. Tenancy by the entireties is for husband and wife, joint tenants with rights of survivorship is for individuals. There is another deed called an enhanced life estate deed, or a "ladybird deed" that might work. There are also estate planning and tax consequences that should be considered. I draft a lot of these "creative" deeds, but you may also need some corporate resolution in your companies to deal with the asset in the future. Please feel free to call me to discuss.