A Precarious Cocktail of Friendship and Real Estate

Dear Bintel Brief:

My husband and I live in New York City and are getting ready to buy our first apartment. We realize that a home purchase is a sizable financial commitment, and we are preparing to take the plunge.

Adding to what is already a tremendously stressful decision-making process, we are considering buying a building with friends that we would then split into separate apartments. A decent amount of actual livable square footage is hard to come by in a large city when working within a budget, and we feel this would be a smart way to each get more square feet for our hard-earned dollars. I’ve been told we could essentially condo the building or turn it into a cooperative so that each family is only liable for their own apartment. What contractual precautions should we take to ensure everyone is protected? Is this as good an idea as it sounds? Or are we entering into a minefield that could potentially blow up our friendships?

MIXING REAL ESTATE WITH FRIENDSHIP

Amy Feldman and Robin Epstein are the authors of the new book “So Sue Me Jackass! Avoiding Legal Pitfalls That Can Come Back to Bite You at Work, at Home, and at Play” (Plume).


If you have a question for the Bintel Brief, e-mail bintelbrief@forward.com. Questions selected for publication will be printed anonymously. New installments of the Bintel Brief are published Mondays at www.forward.com.

Your Comments

The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. All readers can browse the comments, and all Forward subscribers can add to the conversation. In the interest of maintaining a civil forum, The Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not and will be deleted. Egregious commenters or repeat offenders will be banned from commenting. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and the Forward reserves the right to remove comments for any reason.

Recommend this article

A Precarious Cocktail of Friendship and Real Estate

Thank you!

This article has been sent!

Close
Close