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Part of knowing the business.
just looking back through some of the old Q & A from almost a year ago, not sure why this question didnt seem to get many replies. I post a few trying to get others to view lethbridge real estate blog that I write on, but it seems many just slip through the cracks here.
It is very important how one holds title. Just went for a probate refresher course today. How one is vested can be the difference of paying high taxes or none at all.
We use forms of ownership daily.
We use that information on a regular basis. It is a crucial part of the property equation.
We are judge by our knowledge and expertise so having some knowledge and being able to speak intelligently on any matter regarding real estate and the local community give us credibility. That said, we don't ever give advice on how to take title.
Fee simple, Condo, Co-op, Land lease, Fractional etc...
Forms of ownership DICTATE the conversation and duties you must full-fill, information you must convey, parities involved, financing possible and who is REALLY in charge.
Don't leave home without knowing the difference.
You need to know who is going to have to sign the listing agreement and you can talk to your buyers about how they want to take title - but the final decision will be between them and the title attorney at closing - you just don't want to be sitting there with your thumb in your mouth going HUH??
We need to know all we can about property we list. More than once I have had clients try to sell property that was co-owned with family with out their knowledge or claiming it was o.K. with the others involved I do not depend on the attorney to discover this late into the transaction. Find out all you can when listing the property.
In order to be able to answer a buyer or sellers question, it is important to know wall aspects of real estate. Which type a buyer should choose, should be advice best received from their lawyer though.
everything about ownership is important, but much of it is discussed between the client and his/her attorney....