Must co-ownership of a condo be 50/50?
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Must co-ownership of a condo be 50/50?
I would like to buy a condo in FL; I live out of state. I would like to put a family member as 5-10% ownership of the deed so they can live there as owners and retain 90% of ownership. Is this possible or does it have to be 50-50?
Asked on June 27, 2011 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
This question is best asked to an attorney in the state of Florida who can handle the transaction for you. It depends on state law. But there are many states that allow deeds to reflect ownership rights. One such instance is where a person transfers the ownership of their home to someone but retains what is known as a "life estate"in the property. Many attorneys put the language about the life estate in the language of the deed to protect their clients from any sneaky moves on the part of the deed owner that could have them tossed out of their own home. So I would check. And I would also consider drawing up some sort of agreement on the side too. Good luck.
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