Attorney Joseph Treff practices real estate law in Brooklyn, New York. Among Joseph Treff’s areas of legal experience is the formation and structuring of real estate partnerships.
There are many reasons why real estate investors may decide to form a partnership. For example, it provides an opportunity for individuals to pool their resources. As a result, they enjoy greater bargaining and buying power. Additionally, having one or more business partners can provide an investor with additional opinions about a property and/or business strategy. For those who are relatively new to real estate investing, a partner can help provide a reality check about a property or provide valuable support and reinforcement. Additionally, each partner can bring their unique strengths, helping overcome weaknesses individuals might have alone.
However, despite the potential benefits of a partnership, people should carefully consider the legal aspects of a partnership agreement before going ahead with real estate transactions. Plan out each person’s contributions, and have a plan in place in case the partnership ends. A legal professional can be a great help during this process.