|Unrelated People Buying a House||<– Date –> <– Thread –>|
|From: Becky Schaller (bschallertheriver.com)|
|Date: Mon, 7 Sep 1998 23:00:58 -0500|
This listserve has been so helpful in helping me to learn from the experiences of others as we build our cohousing community. This evening I have yet another question. I've been thinking about buying a house with another person or a family who is not related to me. If I were to do this, I would want to make sure that we entered into this arrangement with a sound business agreement. I'm writing to find out if others have done this and what kind of business arrangement you had. If one party wanted to sell, what were the arrangements? If one party became unable to pay their part of the mortgage, was there any protection for the other party? Do banks give out two separate and independent mortgages for such arrangements or do you need to get one mortage together? If anyone who knows about this or has had experiences with this could let me know what you think would be helpful for me to know, I would appreciate hearing from you. Becky Schaller Sonora Cohousing (formerly TNDC) Tucson, AZ We're building 36 private units on 4.7 acres of land in central Tucson. We'll be near bike routes, bus routes, car routes, parks, shopping, the University of Arizona, and a beautiful new library. In the last ten months, we've had 20 households become invested members. If you think you might want to join, now's the time. Our website is http://www.igc.apc.org/tndc/
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