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can 3 people share ownership of 1 home?

we are retired and live togeather. Myself and my twin sister inlaws. we would like to share ownership of our prime residense and a rental unit that is paid for. If not can we form a corporation in order to acomplish this.
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Elaine
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May 28 2010 - Portland
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Yes. Hire an attorney to draw up the appropriate deed.
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June 05 2010
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You can, but you need an attorney to draw up a legal agreement. That way, if anything happens to one of you (death, marriage, serious injury, coma, etc.) that the other two can try to buy the third out with guidelines that are established before the purchase. These situations can work, but get very messy and hurtful quickly if the unexpected happens. It is better to spell out the agreement about who can live in the house, how interest can be bought out, who pays taxes, how repairs are to be made and what happens if they are not paid etc. It saves a lot of hassle.
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May 28 2010
What William is touching on is different forms of ownership ioffer differences in rights-upon-death of the owners, and rights-of-use while the owners are living.  A lawyer can help you select the right form of ownership and a tax advisor can also help.you understand the tax implications of each choice.

You should know that there are other considerations such as what happens when there is a future need to change ownership, who are the beneficiaries of the title policy, by whom and how decisions are made.

You may even find that joint ownership buys you nothing.
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May 28 2010
Of course they can.  This takes me back to my real estate class.  There are actually different ways three people can own property.  I encourage you to google joint tenancy.  It would probably be best for your situation.  It's really too long to try and explain under this format.
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May 28 2010
 
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