Vesting and LLC for a trailer park?

Question

I have a question on a contract. I'm buying a 6 unit trailer park with a business partner, and the title company asked "how do you want to be vested?" I'm not really sure what she means, and when I asked, she wouldn't explain, saying she can't persude me one way or the other in my decision. She wouldn't even begin to explain what it means, although I've came up with "joint tenancy", so if either one of us dies, then other gets the full ownership. I've replied a few different times asking questions about possible answers and they literally reply "you tell me, I can't tell you". It's frustating because I've never been partner in a property (I have 2 that I own by myself) and the title company won't help. I almost feel like going to a different company, but I'm sure they're going to ask the same thing.

Another question, both of us live in Boise, Idaho. The property is in a different state about an hour away from us in Oregon. Should we form an LLC, or is it even needed? I have some assets I'd like to protect in case something goes bad. And yes, we're getting insurance for everything under the sun.

Another question, both of us live in Boise, Idaho. The property is in a different state about an hour away from us in Oregon. Should we form an LLC, or is it even needed? I have some assets I'd like to protect in case something goes bad. And yes, we're getting insurance for everything under the sun.

Andy W. · Answer

That's what I would like, but the title company said that's not an answer. It has to be correct wording, I sent back an email saying "joint tenancy" and waiting to hear back from her so see if that's acceptable.

Ronald Rohde · Answer

I would suggest contacting a lawyer.

Joint tenancy doesn't make the sense for most business partners. Is there a reason you don't want you half of the business to pass to your estate and heirs?