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How do you buy land as a group?

Updated: 12/19/2022
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11y ago

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When you purchase land with a group of people you can choose the tenancy by which the title will be held. With a joint tenancy the interest of a deceased member passes to the surviving members of the group. With tenancy in common the interest of a member passes to their heirs. With either, each owner has the equal right to the use, possession and profits of the property. If there is a mortgage each member is fully responsible for paying that mortgage. If one doesn't pay the others will need to make the payment regardless or the property will be taken by foreclosure.

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