Pros and Cons of Acquiring a Real Estate With a Co-Owner

Do you think it is alright to acquire and own a property with a concurrent owner? An arrangement of this kind may be acceptable, but do you believe that there will be no problem with this kind of arrangement? Acquiring a real estate can be considered a lifetime investment, more so,

if it is a parcel of land, as land does not depreciate, but its value appreciate instead as times go by. Before entering into an arrangement as this, one should first weigh the pros and cons that goes with committing into this kind of ownership.

Real estate ownership with a co-owner can be good to somebody who cannot afford to buy a whole property at first, because the monetary consideration would be lower if it is shared with another person. But if you will think ahead, you would realize that because you are not the sole owner of the property, you cannot do anything with the property as you wish.

Anything you plan and intend to do with the property should be consulted first with the co-owner. You may not foresee the problem of acquiring a property with a co-owner at the early stage, but sooner or later, when you wanted to make some improvements to the property or even think of make use of the property for income purposes, you will then realize that your rights and options is limited concerning the property, more so when the time comes that you want to transfer the ownership of the real estate or when you want to dispose of it.

Specific rules dictates the in and out of this concurrent ownership, specifically in tenancy. Say you built a building or any form of structure on the lot which you intend for tenancy, with the permission of your co-owner, do you think your co-owner would just easily agree not to have a share in the rental of the said building

when it is occupying the lot which he or she is also the owner, considering that whatever revenues and government monetary obligations concerning the real estate would be equally shared by the co-owner with you being another co-owner with the same capacity and authority over the common property. Both co-owners have an equal right to possess or use the entire property, and that the income or maintenance costs of the real estate should be shared equally

A co-owner can transfer interest in the ownership of the property in common to another buyer or to an heir, through a will. Also a co-owner can also mortgage a share in the property, but as co-owner, transfer or sell the other co-owners' interests in the property is not feasible. If the co-owner's right in the property in common is transferred, the new co-owner will take the role of the co-owner seller and becomes a co-owner in common with the other co-owner. What arrangement and agreement the former co-owner has with the other co-owner will be carried over with the new co-owner.

James is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, power of attorney forms, landlord tenant forms, and most any legal form that you are searching for.

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Real Estate

How to Start a Real Estate Business

Whether you just got hired as a property manager in Manhattan, or you are a home owner looking to remodel, you are now in the same situation that any property manager is... getting the right contractor.

Before looking through the yellow pages, start with asking your family, friends and neighbors. People who have already gone through the whole process that are giving a recommendation put you way ahead of the game.

Even if the project was totally different, if the company claims to do the type of work you're looking for, it's worth meeting them. Just make sure you have references from the company of similar work that was done.

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A friend of mine who is a property manager in N.Y. gets ideas of who to hire by speaking to people in the inspection department. They know who is reliable, and more importantly, they know the guys who are guilty of shoddy work.

If you know anyone with a property management company, ask them. Property managers (like me) are always hiring contractors, and we don't want to have to do the job twice, and we certainly don't want to overpay.

Don't forget to check with the better business bureau (BBB) for complaints about the contractor. You should be interviewing at least two different contractors. The prices and quality of work from one contractor to another can have a far range, and you will have to weigh both of these factors carefully before making your decision.

Getting the company that puts in the lowest bid might not work to your advantage if you wind up with inferior materials. On the other hand, you really don't need gold edging on your Jacuzzi.

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Finally, you want to make sure that the contractors are licensed and insured. If they don't have a license, you will have a problem when inspection time comes, especially in New York. Even if there is no inspection, a rule of the thumb is if someone is really serious about their work, they will take out the time to get a license.

More important is the insurance. Without insurance, you are the one who liable if anything unfortunate happens. Here is the most important part of the hiring a contracting company, the contract. When things are not spelled out clearly, they have a habbit of winding up in court. A clear, concise contract can save you allot of heartache.

You should have the project written up in detail. What type of moldings, what grade of paint, etc. What are the start and completion dates. It's prudent to think ahead when defining contractor responsibilities. Besides the quality of paint, how are they applying it to the surface? Are they stripping with chemicals (and then you have to move out for three days), or using sanding equipment with a hepa vacuum filter?

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Another issue is getting a lien release. You want your contractor to furnish you with one so that hi suppliers can't take you to court if he doesn't pay his bills. And make sure both parties have an agreement regarding who has to take care of the permit costs. New York City permit fees can run high.

When you finally have agreed on terms, you will have to give a down payment. You shouldn't have to pay more than half, and depending on the job, one third is sometimes sufficient. One more thing, no matter what type of promises you get, don't release that final payment until all work is completed.

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