Can a property be put in as many as five names, meaning they are all part owners of the property?
2006-09-09 01:01:38 · 12 answers · asked by zarnticolz 2 in Business & Finance ➔ Renting & Real Estate
Yes.
2006-09-09 01:07:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
YES BUT !
Be careful, if it is with friends do you
value the friendships more than the property ?
HSBC will lend the cash but you will all be
responsible together.
WHEN PRICES drop by say 30 % then who pays
when friend B dissappears off to work abroad ?
If prices ever rise, who will decide when to sell ?
Maybe you should bargain hard, buy one place each and
have a drink together !
DO BARGAIN HARD as you need as much as possible so
you get a BARGAIN together !
ie. PAY NO MORE THAN 70 percent of asking price.
Do not overpay for the house or you might argue about it later on !
GO GET A GOOD BARGAIN but it is not really a "bargain" because houses are at least 30 percent overvalued depending on where you are buying.
2006-09-10 06:01:49 · answer #2 · answered by Love life and share happiness 3 · 0⤊ 0⤋
Yes - but make sure it is all done legally and make sure it is clear as to how much everone actually owns e.g 20% each.
If its a residential property the legal term is called 'tenants in common'
2006-09-09 08:08:47 · answer #3 · answered by Sonny Walkman 4 · 0⤊ 0⤋
yes property can be in several names
2006-09-09 14:48:27 · answer #4 · answered by georgie 2 · 0⤊ 0⤋
Yes.
Thought would be need to be given as to whether the 5 of you own the property:
a) As "tenants in common" , ie. you each own 20% and if anyone dies their share goes to their estate (normally the preferred option)
OR
b) As "Joint tenants", ie. you all own the property as much as the others, but if you die, your share is instantly aborbed by the others (usually best for married couples).
2006-09-09 08:12:42 · answer #5 · answered by ? 2 · 0⤊ 0⤋
Yes, but if there is a mortgage make sure you are all aware of the risks & if in future somebody wants to sell their share make sure you have an agreed mechanism in place.
2006-09-09 15:01:01 · answer #6 · answered by Frank M 3 · 0⤊ 0⤋
Yes it can have a max of 4 names anymore than that can be put in as trustees so that nothing can be done without consulting them.
2006-09-09 08:16:21 · answer #7 · answered by Sara P 3 · 0⤊ 0⤋
Yes.
2006-09-09 08:08:00 · answer #8 · answered by Away With The Fairies 7 · 0⤊ 0⤋
yes, but if anyone buys as a joint venture, make sure you have a legal document that covers the situation if one person wants to sell his/her share and the others don't want to sell at that time.
2006-09-09 09:00:00 · answer #9 · answered by mike-from-spain 6 · 0⤊ 0⤋
yes hsbc are doing them for 4 people
2006-09-09 10:38:22 · answer #10 · answered by Cool Dude 3 · 0⤊ 0⤋