Quote:
Originally Posted by Steve Carlton
You should consult with an attorney if you want a Grand Deed giving you an ownership percentage. I would think you could assume liabilities if you became a part-owner. Also, the lender could have an issue with a change in title and possibly accelerate the note.
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The "liability" risks was the first thing that popped into my mind too when you mentioned an ownership percentage.
I don't know what sort of property this is, but if someone is injured or killed on the property and a resulting lawsuit finds the property owners to be negligent in some way, I think you'd be on the hook as an owner.
If the guy has equity in the property and is trying to sell it, why doesn't he just put a price on it so it will move in a reasonable period of time, then he pays you back with the proceeds from the sale? It seems "convoluted" to make you a part owner while he's trying to sell.