registered? Hi, one of the investors is on title and on mortgage and my lawyer suggested he will be the trustee. does this mean he keeps 50% of the property in trust because the other investor (me) owns 50%? When it is done this way, should the trust be registered anywhere with additional legal costs etc.? OR is 'Trust' just a word mentioned in the joint venture agreement and does not need to be registered elsewhere?
Also, I have a draft of a Co-Tenancy Agreement. I find the word tenancy a bit confusing as if we are talking about tenants although we are the owners/investors. Would be great if anyone can explain the term to me? Lastly, is it recommended that each have different accountant and different lawyer in case of joint venture like explained above where 2 investors purchase a rental property together OR is it OK if they use the same accountant/lawyer? THANKS.
Also, I have a draft of a Co-Tenancy Agreement. I find the word tenancy a bit confusing as if we are talking about tenants although we are the owners/investors. Would be great if anyone can explain the term to me? Lastly, is it recommended that each have different accountant and different lawyer in case of joint venture like explained above where 2 investors purchase a rental property together OR is it OK if they use the same accountant/lawyer? THANKS.