BUYING PROPERTY IN PARTNERSHIP

Hi
I am in VIc. One of my fren from interstate suggested to buy property in partnership, and selling around in a year. I don't have affordibility but have cash. We will share cash 50/50 and 50%partnership. How this will work legally as bank loan and title will be in his name. Thanks in advance.

 

Many ways to structure somethign like this. JV, loan, partnership, joint ownership, partnership of trusts, company or unit trust etc.

 

This is not a partnership if both title and loan are in his name..,

 

Do a JV, the OP kicks in the deposit and the friend goes on title and takes out the loan.

Personally I would be more worried about making any money (or potentially being in negative) in one year's time if selling the property then.

 

Thanks. How can I do JV?

 

Thanks Terry. Is it possible to let me know how much will you charge for preparing a JV? How can I contact you?

 

Depends
What do you mean by "JV"?
You can contact me via email.

 

JV means joint venture. Email sent.

 

Technically property cant be acquired by a partnership. A partnership is not a legal entity. The partners can each own a TIC interest in property USED in a partnership. Of course they can then be jointly and severally liable with no simple legal recourse to each other. If one person is a owner then its NOT a partnership. However it could be....One party would contribute all the real assets and the other may contribute the build. Only one is the legal owner prior to completion and sale.

A joint venture may or may not be a legal entity. It could just be a relationship eg partnership, trust etc. The requirements of all the parties and the proposed venture, borrowing, profit share etc all require legal advice. Loads of issues to explore.

 

Lol.
I don't what the letters stand for but wanted to know is what you mean when you say JV.

It is like going into a restaurant and asking for the price of a meal - depends on the dish, size et.c