Buying a property with a partner is a preferred method by many investors. Sometimes you may want to jointly invest with a loved one, sometimes with a close family member, and sometimes with a successful colleague. Sometimes your savings may not be enough for your dream investment. In this case, the method to be applied is the joint tenancy. Joint tenancy transactions may seem difficult from the outside, but it is a very easy process. There is no reason not to take action with your partner while the property you will step into thanks to successful businesses and a lucrative future awaits you.
Generally, the title deed of a real estate belongs to a single person. But in some special cases, this scenario changes. If you request, you can become a partner in real estate with more than one person. There is no requirement that you have blood ties with the people with whom you will be a partner in the real estate. Each buyer has a certain percentage of shares in common properties. Shareholders are entitled to these shares. If they wish, they can save on the property as much as the share ratio they own. The approval of the other partner or partners is not required for this savings. Each partner has rights such as transferring, giving away, and foreclosure of their shares.
Each shareholder has a pre-emption right in the title deed. If one of the shareholders wants to sell their shares, the other shareholders have pre-emption rights if they wish. It means the end of the partnership. In addition, the shareholders can get a loan on the joint tenancy. To get this loan, each shareholder opens a bank account. Shareholders are held responsible for each other's debts in adverse situations.
If the real estate is purchased with the joint tenancy method, there is no extra cost for the deed transactions. The title deed costs are shared between the buyers. However, extra costs may arise in transactions with banks.