Buying property with multiple owners

[Brooke Contreras]

Looking to purchase a family property that currently has 10 owners. How does one go about purchasing a sort of property like this? I’m the event that a single family member doesn’t want to sign off on their part of the contract, is there anything that can be done? Thank you in advance!!

[Nathan Gesner]

The simplest way I can think of: nine of the owners should give a limited power of attorney to the 10th owner, authorizing that individual to handle the sale of the building on their behalf. That way you are only negotiating with one person, getting one signature, etc. If all 10 of them want to be involved in making decisions, they can do that on their own time. You should only deal with one.