11: Ownership Models

This chapter examines different ways in which you, either as an individual or with others, can own property -- from housing ownership to development of spaces through community partnerships. Each model can be adapted to address artists' space and ownership needs.

• Say you are a writer working from a rented condominium, and the owner offers to sell the property to you. Before you buy, you need to know what ownership of a condominium entails.
  
• Or, imagine you are one of six artists working in a small industrial building, and the building is put on the market. Faced with an uncertain future, the six of you consider buying the building together. How could your joint ownership be structured to protect your interests and needs, both individually and collectively?
  
• Or, perhaps you want to start a nonprofit organization that specializes in affordable housing for artists. You will need to know what it takes to start and manage a nonprofit, and how to finance the enterprise.
  

The legal aspects of property ownership are complex, especially if more than one person is involved. The information presented here provides an overview of available options. This is not legal advice, so be prepared to do additional research.

Seek professional advice before deciding how to structure your ownership. Chapter 4: Professional Services provides information on locating the necessary professionals.

Thomas Morsch, Esq., Northwestern University School of Law, contributed to the content of this chapter.