Thinking of buying Lake Greenwood property? 
Consider this. More couples are purchasing homes together before they marry, and some do not intend to marry at all. Source: NorthJersey.com
There are advantages to purchasing SC lakefront property together. Obviously, the biggest is it will allow you to afford more house than going it alone.There are single family homes, homes for sale in Grand Harbor and even condos on Lake Greenwood to consider. Here's a few thoughts that might help you decide if this is a possibility for you.
Unwed twosomes and families considering multi-family ownership need to determine how to hold the title. The choices are whether the home will transfer to the surviving owner if the other dies, as joint tenants with the right of survivorship; or whether a percentage of ownership will pass to the beneficiary named in a will through a tenants-in-common arrangement.
Also give thought to who will sign the promissory note. Will it be both owners or just one? If you both sign it, you both could be (most likely WILL BE) pursued by the bank in the event of default; but if only one partner signs it because they have a better job, higher credit score, or contributes more to the down payment, etc, then they will be on the hook alone — regardless of how title is held.
Taxes are another topic where choices must be discussed. Decide whether you will divide the mortgage interest and any property tax write-offs equally.
Lastly, give thought (and discussion) to what will happen if a disagreement should arise significant enough to damage the friendship. Let's face it, even lifelong friends can have "breakups"! Some may be as bad as a relationship or marriage ending. Just have a plan in place so you're not caught off-guard. Plan for the "what-ifs" and don't think about them anymore! Whether you stay friends or not you will still be owners of a property. Look at it with a business mind and all will be fine!
Lake Greenwood property is moving quickly right now. There are some fabulous homes that would be perfect for multi-family ownership and will provide years of family enjoyment on Lake Greenwood.
Think outside the box and talk to your tax advisors, accountants and legal "gurus" to see if this idea could work for you.
Jan Bradshaw, BIC
The Bradshaw Group of Lake Greenwood
