Some friends and I wish to buy an old church building and wish to have the deed recorded with all our names added. I believe the owners would be called trustees. We would like to add or remove trustees at will upon approval by the trustee committee. How would the deed be written up for that to occur? I really have no concept of trustee based ownership.
Manuel
Hi Manuel. In order to answer your question, we need a little more information. You mention that you and some friends want to buy an old church building. Do you intend to continue using the building as a church? Do you have some other intended use for the building? You mention that you would like the ability to add or remove trustees at will, this would exclude tenancy in common as a form of ownership. You could own this property as tenants in common, however, the owners would only change if they sold their interest. Moreover, if one tenant in common passes away, their share passes to their heirs who you may or many not want to deal with.It sounds like you want to own the building as a trust. Under trust ownership, a committee of trustees would make decisions regarding the property. The building would be owned by the named trust and you and your friends would own shares of the trust. If you decided to sell your share, you could easily do this without affecting the viability of the property.
If you want to treat the property as an income producing asset and retain your ownership interest, you might consider a simple limited liability company with one member named as a managing member. You could rent the building and the LLC would collect the rent, pay any expenses and pass the income through to the LLC members.
Once again, in order to send you off in the right direction, we need just a little more information about your intent to purchase this building.
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