Lawyer Joseph Treff has extensive expertise in the area of real estate law. At his Brooklyn practice, Joseph Treff advises clients in a variety of areas, including the formation of real estate partnerships.
When forming a real estate partnership, it is important to make sure all the key elements are in order and that the language of the formal partnership agreement is satisfactory. In order to do this, individuals who wish to enter into partnerships should seek the assistance of qualified attorneys before moving forward with any types of joint deals.
Before formalizing a partnership, the prospective partners should talk about a number of important subjects. These topics might include the amount of personal funds each member of the party plans to contribute and how the partnership plans to handle the costs of maintaining the property. In addition, the partners need to determine which partner is responsible for the day-to-day management of the property as well as each person’s unique role. The partners should also decide how to divide proceeds from the real estate investment. After they decide these matters in a way that is satisfactory to all parties, a lawyer can go through the agreement and look for potential problems before finalizing the document.