DannyMotorcycle
Active Member
I'm looking at buying some real estate. It won't be my home, but it will be an investment.
I can afford it and i can use it no matter what. However I can spare some of it. So I was
thinking I could offer my long time friend half ownership of it. If his money problems means
he pays late or I pay it all and even only puts a dollar one it, i'm not going to be bothered by
it.
My question is... If I offer for him to be on the deed for half, with a contract and all,
if he has any personal financial debts could they put a lien on the property? That
would be the deal breaker. Or would md or charles county law prohibit liens
from being placed on jointly held properties?
I'm paying all cash so i dont' need any of his payments, and i dont' need all of the property
usage to myself either, so anything he would contribute would make the property that
much cheaper for me and I'd still get all the usage i need and he could benefit from it too.
Anyone know how the local laws are for joint property as investors instead of the marital type of joint ownership?
I can afford it and i can use it no matter what. However I can spare some of it. So I was
thinking I could offer my long time friend half ownership of it. If his money problems means
he pays late or I pay it all and even only puts a dollar one it, i'm not going to be bothered by
it.
My question is... If I offer for him to be on the deed for half, with a contract and all,
if he has any personal financial debts could they put a lien on the property? That
would be the deal breaker. Or would md or charles county law prohibit liens
from being placed on jointly held properties?
I'm paying all cash so i dont' need any of his payments, and i dont' need all of the property
usage to myself either, so anything he would contribute would make the property that
much cheaper for me and I'd still get all the usage i need and he could benefit from it too.
Anyone know how the local laws are for joint property as investors instead of the marital type of joint ownership?