When friends, family become partners
With home prices moving ahead at a healthy clip, people are choosing to purchase a property with a friend or relative.
A lot of individuals, particularly younger adults, feel as if they have been priced out of the market so go in with a friend or a sibling to purchase the property. I see that as a trend that is going to gain momentum.
However, whether you are purchasing with a friend or relative this is essentially a business deal.
If you're looking at buying a property together, friends are no different from business partners. Consult a lawyer and consider what you are doing, the parties could enter into an agreement ... they should consider that they are business partners. The business is owning a
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