Buying a country house with another family

Curious about the legal, logistical, mortgage implications of purchasing a coutry house with another family. Does anyone have any experience with this? How do you structure this legally? How should a mortgage be structured.   Any insight would be appreciated.

tenaciousd

in Accounting 13 years and 9 months ago

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Bklnite | 13 years and 9 months ago

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No experience personally, but TIC (tennancy in common) is an option. I’m not sure how lenders treat 2nd homes as opposed to a primary residence, but typically there’s no problem getting a loan with multiple individuals if the borrowers’ credit and income is good.  It could be you and someone from the other family, or the 4 of you  (both sets of spouses) on the mortgage. Banks may not want to do a residential loan to an LLC if it’s fannie backed. Iit’s common to do commercial loans with the borrower being an entity like an LLC. However you structure it, with an LLC or TIC or otherwise, it’s important to think about & have an agreement that addresses what you do when one family wants to or needs to sell, and the other doesn’t.

jockdeboeraia | 13 years and 9 months ago

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I am no lawyer, but I would think you would create an LLC.