I've heard of this being done before. Is it really possible? What are the ins and outs of it? Is there anything we should be wary of? Do the laws vary by state (We live in California)?
2006-06-13 10:42:58 · 5 answers · asked by ad5000 1 in Business & Finance ➔ Renting & Real Estate
yes two seprate address's
2006-06-13 10:46:18 · answer #1 · answered by irondevil1968 2 · 0⤊ 0⤋
The safest way to do any business deal (yes, this falls under a business deal) - is to make a legally binding contract that states who owns what portion and who is responsible for what. Most attorneys can draw up a contract like this for a minimal amount. Keep in mind that if this is to be income producing property, there may be more legal obligations that need to be taken into consideration for tax purposes.
2006-06-13 10:55:46 · answer #2 · answered by imperfection21 1 · 0⤊ 0⤋
What do you mean, legally split? You mean each person only owns one physical half of the duplex?
2006-06-13 10:46:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes....it's like owning a split house...just be wary if you guys should have a falling out..then you would be stuck living next to them.
2006-06-13 10:46:32 · answer #4 · answered by miss_chrissy_dawn 4 · 0⤊ 0⤋
yes, it can be done, but may be the worst thing to ever do.
2006-06-13 10:47:03 · answer #5 · answered by diciccos351 3 · 0⤊ 0⤋