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Buy property as a group - possible, but be careful

Posted by Curious on November 05, 2001 at 19:25:07:

In Reply to: workin on it posted by ChrisG on November 05, 2001 at 11:37:25:

Yes you can buy property with one or more other unrelated persons - happens all the time, and does not require forming a coop nor anything of that nature.

But be careful - there is a reason why most people buy real estate individually. You've heard of roommates who have disagreements and spats. At least they have the option of moving out or getting someone else to take over the lease. With a house or condo, ownership can not be transferred that easily, and large sums of money are involved. As no one would buy a half-share of a house, a disagreement with partners could kill the value of the property.

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