What to consider in a partnership agreement?
Often, a real estate deal is too big to be handled by a single individual. At the same time, it is also too good to be missed. In such a situation the only good option you are left with is partnership. You will have to find a person who is willing to invest in the same property for the same purpose as you and is unable to buy it alone. This person could be a friend, a relative or someone else. You should prefer someone you already know and trust. You cannot find such a person, may be your realtor can. Once you have found your partner, you should proceed towards finalizing the deal. Besides having a contract with the seller, you would also need a partnership agreement.
No matter how well you know the person you are partnering with, you should get it all down on a paper. It is good for both the parties. You can avoid a lot of hassle with it. You can hire a lawyer to get the agreement prepared. It would contain all the necessary details related to the deal. The most important info includes details of the property you are buying in partnership, names and addresses of both the partners, percentage share of both partners, etc. Your share in the property is simply defined by the part of money you paid while buying. If you paid 40% of the money, you get the same percentage of share. Make sure that these things are clearly defined in the partnership agreement.