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Purchasing home/land/farm tenants in common

Chia Olin

Joined: Feb 10, 2012
Posts: 30
Does anyOne here have any advice on purchasing a home on agricultural land with multiple parties?

3 people including myself are interested in getting a plot and starting a small homestead, offering excess in farmers markets and or through a csa.

Tyler Ludens

Joined: Jun 25, 2010
Posts: 5729
Location: Central Texas USA Latitude 30 Zone 8
For any kind of group property ownership and management, I recommend reading "Creating a Life Together" by Diana Leafe Christian.

Idle dreamer

Chia Olin

Joined: Feb 10, 2012
Posts: 30
Thanks I'll look into it.
Sean Keating

Joined: Aug 27, 2012
Posts: 1
I can tell you that, although some tenancies-in-common seem to work just fine, I was recently exposed to one that decidedly did not. The short version is that there was no protection against the following: members who stop paying their share of the mortgage and other expenses, members who sell shares in their interest without any regard for the tangled mess this can create for everybody, members who take out a second mortgage, ostensibly on their share but which results in a legally binding debt obligation for everyone, and members whose poor stewardship of the land brings regulatory pressure on the whole group. And they all hate each other if that's not obvious. So I, myself, would be very leery of this sort of arrangement, especially since it took 15 years for this one to unravel so horribly.
subject: Purchasing home/land/farm tenants in common