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Buying % of a commercial property? |
With my in-laws? I have been utilizing a commercial building for about 6 yrs and the owner (my wifes) grandpa just died and the kids took over, and basically wanted my rent to go wayyyy up. So I pulled my equipment out and store outside and some at my dads and some at my home. Now they are looking to sell. My father in law has a proposition for me to buy the siblings out and own 35% of the building. I dont see moving back inside, but I guess I would have FREE outside parking and a 35% investment on this building and lot, located in a prime commercial area. I can afford the 35% buy in, and my exp. for the build.(tax, insur) would get covered from renters. How does this process start? DO i need a purchase agreement drawn up? Its a bit confusing, but the 3 siblings own 2 properties, and my father in law is signing off on the other and the other sibling is signing off on this one. I am not using a loan, I have the money, so it will be paid for. What do I need to do or have to make this leg blood is thicker that water except when it comes to business deals with your in laws or outlaws. if you think it is a real good deal go to a lawyer (yours) not theirs and have him draw up the necessary documents. with contract law all property deals have to be in writing so insure that the writer is looker out for you interest. good luck |
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