Legal Question in Real Estate Law in Connecticut
Shared property use contract
What type of document is needed to protect the long term interest of 2 parties that want to buy a piece of property (seasonal cottage) and split the long term use and costs of such property?
This matter is further complicated by the 2 parties being related (2 sisters and a brother-in-law).
I (the brother-in-law) have a list of rules that I would like to have legally binding but don't know how to get that done, or what document and or procedure is needed to protect against future disbutes.
Right now everyone is in full agreement mode but things change. A legally binding document needs to be put in place while the 2 parties are all in full agreement mode, not after.
Presenting a document that is legally binding between my wife and her sister is also a touchy subject.
Any advice?
1 Answer from Attorneys
Re: Shared property use contract
A potential idea may be to form an LLC with the parties you metioned. The LLC would then own the property. You can they operate the corporation as you see fit and according to an operating agreement. This is simply an idea and subject to further review.
If you need help, you can email me at [email protected].
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