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Buying Land- Joint Tenenats vs Tenants in common

 
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https://www.rocketlawyer.com/article/tenants-in-common-vs-joint-tenants-cb.rl

Any thought or words of wisdom on an unmarried, couple buying land under which entity?

One partner will be contributing a majority of equity in the form of money, the other we be contributing an equal portion of the equity in the form of sweat equity.

Or maybe it's best to have only one "owner" legally" on the paperwork and sort out the joint ownership via  a landtrust, or other agreement.

I know unless oyu a lwayer you can't give legal advice just looking for experience, insights, thoughts...
 
pollinator
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There is no one answer, it depends on your situation and goals.  For example, might you need to separate your interest in the property?  Not necessarily just due to a break-up, but due to other reasons like one partner has debts that you do not want to encumber entire property, or one partner has family members who they would like to pass their share on to. Similarly is there a reason,  like Social Security, that one partner might not want to hold the entire property value in their name ? It would be worth paying a couple hundred dollars for a consultation with a licensed attorney in your jurisdiction before making a life-altering decision

Full disclosure, I am an attorney though real estate/property is not my focus.
 
Andy John
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Mk Neal wrote:There is no one answer, it depends on your situation and goals.  For example, might you need to separate your interest in the property?  Not necessarily just due to a break-up, but due to other reasons like one partner has debts that you do not want to encumber entire property, or one partner has family members who they would like to pass their share on to. Similarly is there a reason,  like Social Security, that one partner might not want to hold the entire property value in their name ? It would be worth paying a couple hundred dollars for a consultation with a licensed attorney in your jurisdiction before making a life-altering decision

Full disclosure, I am an attorney though real estate/property is not my focus.



Thanks, MK Neal. Turns out we have more time than originally thought to research and decide.  We've made an offer and now we wait and see... - thanks again!
 
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