Posted August 9, 20232 yr I have questions for anyone with legal experience or real estate experience. My mom and sisters own a cottage on Lake Erie in Ontario, Canada. They inherited it from my grandparents. They are in the process of selling it because the upkeep is too much, and only one lives close enough to keep watch on it, and I'm the only one that uses it extensively enough. I would really love to keep the cottage in the family, or at least continue to be able to use the cottage. It is my happy place. I am wondering if I can form a group with my siblings and cousins to buy it from them. Is there type of structure like an LLC or LLP that would let several of us pitch in at various amounts and have a percentage/share of ownership based on how much we put in? If we bought it, since none of us live within a few hours of it, can we hire a property management company to clean the place and take care of repairs? If my family sells the cottage to someone that we know, which is a possibility, is there a way for me to latch onto their purchase and have a small ownership? If anyone sees any glimmer of hope where I can still have access to our family cottage, give me some suggestions.
August 9, 20232 yr according to my googly machine...hell yeah, you can. https://money.usnews.com/loans/mortgages/articles/what-you-should-know-about-co-owning-a-house
August 9, 20232 yr 3 hours ago, xzmattzx said: I have questions for anyone with legal experience or real estate experience. My mom and sisters own a cottage on Lake Erie in Ontario, Canada. They inherited it from my grandparents. They are in the process of selling it because the upkeep is too much, and only one lives close enough to keep watch on it, and I'm the only one that uses it extensively enough. I would really love to keep the cottage in the family, or at least continue to be able to use the cottage. It is my happy place. I am wondering if I can form a group with my siblings and cousins to buy it from them. Is there type of structure like an LLC or LLP that would let several of us pitch in at various amounts and have a percentage/share of ownership based on how much we put in? If we bought it, since none of us live within a few hours of it, can we hire a property management company to clean the place and take care of repairs? If my family sells the cottage to someone that we know, which is a possibility, is there a way for me to latch onto their purchase and have a small ownership? If anyone sees any glimmer of hope where I can still have access to our family cottage, give me some suggestions. From my limited experience an LLC would be the way to go. Probably have better luck with family then if someone else buys. Even with family though you'll want everything clearly spelled out and agreed upon.
August 10, 20232 yr Author 7 hours ago, mr_hunt said: according to my googly machine...hell yeah, you can. https://money.usnews.com/loans/mortgages/articles/what-you-should-know-about-co-owning-a-house Tenancy in common is exactly what I had in my mind. Thanks! 5 hours ago, The_Omega said: From my limited experience an LLC would be the way to go. Probably have better luck with family then if someone else buys. Even with family though you'll want everything clearly spelled out and agreed upon. Most definitely everything would be spelled out. Upkeep and renovations would be big issues that would have to be decided.
August 11, 20232 yr On 8/9/2023 at 8:47 PM, olsilverhair said: canadians.....................................................................
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