[Only on the outer ambit of topicality:] ISO Mathematician/LawyerFREE Advice WTD on Property Riddle

Jeesh, I, alone am buying 270 degrees of sky too!
And for the same amount of purchase price money.

However, it will be a cash sale, no mortgage..much like my present
situation.

I will be solely responsible for all expenses related to the
property..much like my present situation.

In the advent of another divorce, I will retain 100% equity in the
property..Much like my past and present situation.

My advise...Do it on your own and avoid the migraine further on down the
road.

Cathy

John Steinberg wrote:
Okay, here's the scenario. I'm currently in attorney review on a
property that I am buying with a business partner.

[The topical part is that this property will be partly used as a
observing location as it's pretty dark, and offers ~270° vistas of the
sky.]

One of us (me) is putting up the bulk of the 20% down payment on the 30
yr. mortgage, but we will both share equally on all other expenses
(mortgage, insurance, taxes, repairs, improvements, etc.) and
liabilities.

Now, what I'm looking for is a formula whereby we are both treated
equitably in the event of the sale of the property. I have to allow for
both appreciation and depreciation (who knows, they may find a Superfund
site the next town over in five years.) And I have to allow for the
demise and disablement of one or more parties in this transaction.

These are not the actual numbers but I'll put it this way because round
numbers work best for a pinhead like moi.


Prop cost: $200,000
Down Pay: $50,000 (of which I contribute 80%)
Closing: $10,000 (of which I contribute 80% also)


I do have fine counsel from my attorney and personal thoughts on this,
so don't feel the weight of the world is at stake. Just want some other
feedback before we draw up and sign contracts.

(Yes, this should have been resolved prior to now, but stuff happens)

My sincere thanks for any comments here and apologies for the less than
stellar topicality.

oops I forgot, then again I didnt..... Do you really need an attorney?

Cathy

Cathy wrote:
Jeesh, I, alone am buying 270 degrees of sky too!
And for the same amount of purchase price money.

However, it will be a cash sale, no mortgage..much like my present
situation.

I will be solely responsible for all expenses related to the
property..much like my present situation.

In the advent of another divorce, I will retain 100% equity in the
property..Much like my past and present situation.

My advise...Do it on your own and avoid the migraine further on down the
road.

Cathy

John Steinberg wrote:

Okay, here's the scenario. I'm currently in attorney review on a
property that I am buying with a business partner.
[The topical part is that this property will be partly used as a
observing location as it's pretty dark, and offers ~270° vistas of the
sky.]

One of us (me) is putting up the bulk of the 20% down payment on the
30 yr. mortgage, but we will both share equally on all other expenses
(mortgage, insurance, taxes, repairs, improvements, etc.) and
liabilities.

Now, what I'm looking for is a formula whereby we are both treated
equitably in the event of the sale of the property. I have to allow
for both appreciation and depreciation (who knows, they may find a
Superfund site the next town over in five years.) And I have to allow
for the demise and disablement of one or more parties in this
transaction.

These are not the actual numbers but I'll put it this way because
round numbers work best for a pinhead like moi.


Prop cost: $200,000
Down Pay: $50,000 (of which I contribute 80%)
Closing: $10,000 (of which I contribute 80% also)


I do have fine counsel from my attorney and personal thoughts on this,
so don't feel the weight of the world is at stake. Just want some
other feedback before we draw up and sign contracts.

(Yes, this should have been resolved prior to now, but stuff happens)

My sincere thanks for any comments here and apologies for the less
than stellar topicality.

oops I forgot, then again I didnt..... Do you really need an attorney?

Cathy

Cathy wrote:
Jeesh, I, alone am buying 270 degrees of sky too!
And for the same amount of purchase price money.

However, it will be a cash sale, no mortgage..much like my present
situation.

I will be solely responsible for all expenses related to the
property..much like my present situation.

In the advent of another divorce, I will retain 100% equity in the
property..Much like my past and present situation.

My advise...Do it on your own and avoid the migraine further on down the
road.

Cathy

John Steinberg wrote:

Okay, here's the scenario. I'm currently in attorney review on a
property that I am buying with a business partner.
[The topical part is that this property will be partly used as a
observing location as it's pretty dark, and offers ~270° vistas of the
sky.]

One of us (me) is putting up the bulk of the 20% down payment on the
30 yr. mortgage, but we will both share equally on all other expenses
(mortgage, insurance, taxes, repairs, improvements, etc.) and
liabilities.

Now, what I'm looking for is a formula whereby we are both treated
equitably in the event of the sale of the property. I have to allow
for both appreciation and depreciation (who knows, they may find a
Superfund site the next town over in five years.) And I have to allow
for the demise and disablement of one or more parties in this
transaction.

These are not the actual numbers but I'll put it this way because
round numbers work best for a pinhead like moi.


Prop cost: $200,000
Down Pay: $50,000 (of which I contribute 80%)
Closing: $10,000 (of which I contribute 80% also)


I do have fine counsel from my attorney and personal thoughts on this,
so don't feel the weight of the world is at stake. Just want some
other feedback before we draw up and sign contracts.

(Yes, this should have been resolved prior to now, but stuff happens)

My sincere thanks for any comments here and apologies for the less
than stellar topicality.