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October 31, 2005
Mortgage When Buying Jointly
I am looking to purchase a 2 or 3 family brownstone with another couple. It appears that we have to get one mortgage because our names will be on the deed. We are planning to convert it to a condo or co-op eventually. We are struggling to figure out how to do this equitably. Has anyone done this before with family or friends and have any recommendations?
Comments
Yes, form an LLC and right up all the rights in the LLC and then buy the building and get the mortgage in an LLC name. Any real estate attoreny can set it up for you.
Posted by: Anonymous at October 31, 2005 9:45 AM
We did this in 1998 with our current co-owner. Purchased a 5 story brownstone in Ft Greene with 3 names on the deed and one mortgage with same names. Re-financed in 2004. It has worked out swimmingly. Created a Tenants-In-Common Agreement with our then lawyer, Elaine Gay, stipulating all the imagined worst case scenarios. Like you, we wanted to avoid the cost of co-op conversion. Needless to say, keeping a cooperative spirit about every little thing has really helped. Email me if you want more info.
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