I would need more perspective in how this would work
Standard disclaimer: I'm not an attorny, even if I were I'm not your attorney, I'm a random guy on the internet you don't know and will probably never meet so due dilligence is advised, etc.Depends on what you guys decide to do, and how much you trust each other. And presumably on the dollar values involved. If trust is low and dollar values are high, the simplest solution is to get together on skype, talk to each other, get a feel for who has a better handle on these things, then set up an escrow account. Basically the way that works, you find a third party (google escrow company) to hold money then release it based on an agreement stated in a contract you all sign. If you buy on ebay, for example, that transaction has to be made from a single account. So you each put money in escrow, then a designated somebody makes the purchase, after which money from escrow is released. Or, if the purchase is made via direct contact with the seller, you can reasonably skip the escrow process by simply coming up with a group purchase contract and everyone pays the seller directly.
Before you get to that point however, you should probably discuss the nature of ownership. Simple joint tenancy is probably not a good solution here. I think if I were to make a recommendation, I'd suggest you create an artificial legal entity, then have that entity make the land purchase. So none of you would own the land personally, but as one possible example you would own voting stock in a nonprofit corporation that owned the land. That way you can decide in advance how things will work so as to avoid legal difficulties later: what if somebody wants to transfer or sell their ownership? What if new bay12ers want to join in later? What happens if land values unexpectedly skyrocket 10 years from now? Who pays property taxes? Etc.
But on the other hand, again...it really depends. It's possible none of that will be necessary. For example, we had some people in the thread earlier saying they'd personally contribute thousands of dollars. If the final dollar amount turns out to be significantly less than that, it might be reasonable for one person to simply buy the property themselves, and say "hey guys, here's where it is. Don't do anything illegal." That massively simplifies everything. But it might not be practical if you're each putting in a bunch of money and the final total is more than any of you can do on your own.
This is why you guys need to get together and start talking to each other. How simple or complicated it and what needs to happen depends on a lot of factors.
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Topic: The Bay12 Island Project (Read 17094 times)