Asked by James
Hi,
A group of us (say) 3/4 were thinking of buying properties jointly to diversify our risks. A couple of questions propped up. Is this possible from a legal standpoint? How do we go about doing it?
1) If ,say, 3 of us come together to purchase a property, is the ownership equal or can it be pro-rated according to the amount invested by each individual (say 35%/35%/30% etc.). How do we go about this?
2) Can the bank extend a loan to the 3 of us jointly?
3) If (2) above is not possible, can we set up a business entity to purchase the flat in its name? If so, can the bank extend a loan to the business entity? How do we go about this?
Appreciate anyone's good response.
- James
A group of us (say) 3/4 were thinking of buying properties jointly to diversify our risks. A couple of questions propped up. Is this possible from a legal standpoint? How do we go about doing it?
1) If ,say, 3 of us come together to purchase a property, is the ownership equal or can it be pro-rated according to the amount invested by each individual (say 35%/35%/30% etc.). How do we go about this?
2) Can the bank extend a loan to the 3 of us jointly?
3) If (2) above is not possible, can we set up a business entity to purchase the flat in its name? If so, can the bank extend a loan to the business entity? How do we go about this?
Appreciate anyone's good response.
- James
686 views