Q. What if I (or the other partnership member/s) want to sell the property before the other Joint Purchaser/s want to?
A. The Partnership Agreement/Share Document drawn up by your lawyer would understand that your circumstances may change and it should make provision for you or other joint owners to sell their shares. The other party/parties would have to approve the proposed new partner, but this approval could not be unreasonably withheld.
Q. What if the other Partnership member/s default/s on their mortgage payments?
A. You would look to the agreement which should be a document/contract drawn up by your lawyer.
Q. Do I have to live in the house or can I just invest in it?
A. It may suit some people to be an absentee investor. The proportion of payments each makes would reflect the benefit one party had from inhabiting the premises. However, you would need to consult your accountant/financial advisor before entering into such an arrangement to determine if the returns you are looking for are viable. You can also look at an arrangement whereby you and perhaps other investors finance the property with the inhabitants, (be they renters or the property owners) paying rent to live in the property.
Q. How many people can be involved in one transaction?
A. There is no limit to the number of people contracting to purchase a property. There are advantages in multiple partners because, of course, four people/couples could purchase a number of properties enabling money to be released in stages by the sale of certain properties at times to suit members.
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