I am looking into purchasing the upper duplex unit of a duplex property. My uncle owns the bottom unit, and I want to purchase the top from my father. I am looking up some information on this idea regarding taxes, contracts, etc. and cannot find the exact name of what I am trying to do. I tried "shared property" and that didn't work. Any ideas? Thanks!
2007-01-25 10:20:19 · 6 answers · asked by Happy Girl 3 in Business & Finance ➔ Renting & Real Estate
It's actually Tenancy In Common or (TIC) and you can draft these contracts to stipulate anything and everything just like any other sale contract. It should have something regarding the ability (or not) to deed your share of the building. Other than that, everything is settled between the co-owners, including percentage owned, rules of use for common areas, ownership of garages and how the building is to be sold when one partner wants out (ie. do the other owners get a right to refuse a prospective buyer's offer? etc.) You need a lawyer for this!
2007-01-25 11:32:22 · answer #1 · answered by Monique D 3 · 1⤊ 0⤋
"Duel Ownership" is the word your looking for......But technically in the case you mention, There isnt Duel Ownership because two separate people own a separate part of the duplex that you mention, one the owns the top and the other owns the bottom portion....You can think of it kind of like a highrise condo, each person owns his/her own unit even though there are 100's of units in the highrise apartment condo.....But like I said, in the case you talk about, the duel ownship does not apply because the two units are separate, ONLY if the units are one address and two people want to own the same apartment/house, then yes! the Duel Ownership would apply for you.....
2007-01-25 13:26:53 · answer #2 · answered by DOLLARZ 2 · 0⤊ 1⤋
I think you are looking for the term "tenants in common"
This is when you and the other owner each own a defined portion of the property.
2007-01-25 10:28:43 · answer #3 · answered by sdmike 5 · 2⤊ 0⤋
I think you are looking for the words "joint tenants in common. Ownership of assets a specific ownership % is assigned to each individual. In the event of death of one party the deceased interest PASSES to their estate not to the surviving tenant.
2007-01-25 11:19:30 · answer #4 · answered by sylviavnpttn 5 · 1⤊ 0⤋
http://www.msullivan.com/equity_sharing/index.html
The site above has several QA by attny regarding co ownership
2007-01-25 10:28:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
a partnership
2007-01-25 10:36:35 · answer #6 · answered by munson2015 3 · 0⤊ 0⤋