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  #1  
Old 01-23-2006, 02:18 PM
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3 people buying

In Colorado.

Hello,

Does anyone have advice on what agreements need to be undertaken if three people are going to buy a house together?

thanks!
  #2  
Old 01-23-2006, 02:33 PM
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Location: Sunny Fl
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don't do it.
  #3  
Old 01-23-2006, 02:41 PM
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Quote:
Originally Posted by Applecart
In Colorado.

Hello,

Does anyone have advice on what agreements need to be undertaken if three people are going to buy a house together?

thanks!

**A: yes, many real estate attorney's can write such an agreemnt.
  #4  
Old 01-23-2006, 03:11 PM
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* Why "don't do it"?

** Can anyone give me a brief outline of what said agreement would include?

thanks
  #5  
Old 01-23-2006, 03:12 PM
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Location: Catatonic State
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Quote:
Originally Posted by Applecart
* Why "don't do it"?

** Can anyone give me a brief outline of what said agreement would include?

thanks

**A: do a search on this site. I have provided the info on other threads.
Try partnership agreement.
  #6  
Old 01-23-2006, 03:15 PM
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great thanks!
  #7  
Old 01-23-2006, 03:45 PM
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Location: Sunny Fl
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don't do it because these types of arrangements always end up tearing friendships apart.

on the other hand. . .when the deal goes south I'm sure you can find a bunch of attorneys willing to jump in and fix it.
  #8  
Old 01-24-2006, 11:33 PM
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Quote:
Originally Posted by Gadfly
don't do it because these types of arrangements always end up tearing friendships apart.

on the other hand. . .when the deal goes south I'm sure you can find a bunch of attorneys willing to jump in and fix it.

**A: this does not happen in 100% of all cases.
  #9  
Old 01-25-2006, 11:02 AM
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Which? The good attorney part or the tearing friendships apart part?
  #10  
Old 01-25-2006, 11:14 AM
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Join Date: May 2000
Location: Catatonic State
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Quote:
Originally Posted by Gadfly
Which? The good attorney part or the tearing friendships apart part?

**A: I don't know now, it's been so may posts ago.
But I'll guess both just to be safe.
  #11  
Old 01-26-2006, 02:03 PM
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Join Date: Jan 2006
Location: Colorado
Posts: 62
Quote:
Originally Posted by HomeGuru
**A: this does not happen in 100% of all cases.
Spoken like a true attorney.

I agree with Gadfly. Be clear from this moment forward, in your own secret mind, these are no longer friends, they are business partners.

My brother had six partners in their business. Now each hold a collective $10,000 debt liability the business will never pay off.

Beforehand be very clear to identify the process to replace a partner. Risk management. Could be advertisement and attorney fees. One partner may leave or default. Risk. How handle a default??

Risk. Written agreement of a slush emergency fund. 9 months? 12 months payments? Your success odds will skyrocket with an adequate emergency fund. Do NOT sign without it.
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