Did you know that there are several different ways in which a person, or two or more people can take title to a house that they purchase? So often buyers ask me how they should take possession of a property. As a REALTOR, I am unable to provide legal advice to clients. Each individual homebuyer's situation and portfolio must be looked at on a case by case basis.
There are many different options in which buyers are able to purchase a property and hold title to it. They can hold title to it individually, jointly, in a trust, as a co op, or in a corporation.
I am attaching a recent article from the New York Times, explaining the various forms of homeownership.
If you have questions on which form of homeownership may be right for you, you may consider having an attorney and/or CPA be your guide.
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