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Ownership of Land Jointly among 3 people
dijkstra
#1 Posted : Thursday, July 29, 2010 12:36:47 PM
Rank: Member


Joined: 11/28/2006
Posts: 91
Hellos;

I have a problem that I wish someone could advice about.

We (3) people have a piece of land that we purchased but subdivision failed because the portions were smaller than the recommended min. size of that area, hence we couldn't get separate title deeds.

We would like to transfer this land to our names from the seller.

What is the best arrangement in such a case?

Can we have the title deed indicate all our names?

Will the respective sizes be indicated, say in percentage?

will we need separate agreements to show the actual location of individual portions?

how will we fill the transfer forms?

Kindly assist

selah
#2 Posted : Thursday, July 29, 2010 12:43:02 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
You can create a company that gives equal share holding among yourself and then register the title in the name of the company.

You can opt to buy the others out of the arrangement and compensate them.

The last option is sell the land and share the proceeds according to how you contributed when buying.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
dijkstra
#3 Posted : Thursday, July 29, 2010 1:05:20 PM
Rank: Member


Joined: 11/28/2006
Posts: 91
@Selah

Thanks for reply..

Though in our case nobody wants to sell his portion.

Before we take the option or registering a company, we would like to know if we can get our names of the title document...

I think having the names there makes one feel more secure than being a member of a company.
selah
#4 Posted : Thursday, July 29, 2010 1:35:51 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
I think its possible to list the owners of the land in the title deed.but it wont show what each person is entitle to since it aint demarcated.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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