Who’s on Title?
Two of our clients at RMLO Law LLP formed a typical Joint Venture (JV) to buy a property in Alberta with a brand new mortgage. One client was the “Investor” (the money-man). His JV partner was the “Finder”, (typically a person with real estate expertise and no money). In this case, the Finder had already purchased properties using every cent of his own money. He was out of borrowing capacity.
Part of their JV discussions was, “How should we take title?” Both clients understood that they had a few basic choices. Continue reading