Q: My wife and i are very dear friends of an older couple who own a mountain house in Glacier View Medows.
They have moved to Powell Wy but keep the mountain house. They asked if we want to be co-owners with them and maintain the place as co-owners. The mountain house is paid for so we would pay them 1/2 the amount of an agreed price with an option to purchase the remaining 1/2 at a later time. How do we proceed with this process? Do we do a "Joint Tenancy"?
A:
Dear Mountain Property Purchaser: My recommendation would be to enter into a basic and straightforward Purchase Agreement With Option, whereby you pay the 1/2 purchase price in consideration of the receipt of a Quitclaim Deed for 1/2 of the title. Best practices would be to obtain Title Insurance and disclosures prior to payment. This is the "simple" perspective for lawfully handling the purchase, in a manner that would protect both parties and entail $1500.00 in attorneys fees. Caution might be exercised to include in the Purchase Contract the understanding between the parties regarding: payment of taxes, utilities, upkeep, repairs and replacements, property insurance, and some basic mutual indemnification provisions.
JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate transactions for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party.
Timothy Canty agrees with this answer
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
