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06-19-2006, 07:41 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | co-owners but I'm the one with savings
What is the name of your state? Pennsylvania
I'm buying a fixer upper with my boyfriend. He is paying half of the closing costs, but has no other savings. I would prefer to fix up the house using my savings so I don't have to pay a high interest rate on a home equity loan. Is there a legally binding set up we can have in writing stating that, upon selling the house when the time comes, I can receive his half of the payments for the home fixes on top of my half of the selling price? |
06-20-2006, 05:31 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | Since you are about to do something absolutely foolish, just read the thousands of post on my boy/girl friend split now he wants his/her share of the equity, then get an Atty to draw up an iron clad CONTRACT on what happens when the split happens. Before even saying it I am sure those thousands posted herein didn't think they would ever split either!
If you are going to enter into this with a person with which you have no legal relationship then cover your assets by going to an Atty! |
06-20-2006, 02:27 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | Thanks for your reply. I talked with my bf and he agreed we should get a lawyer and a good contract. I would like to know, when we set up ownership, how do you determine who should sign on as owner and what are the benefits to that title. |
06-20-2006, 02:29 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 15,040
| | Quote: |
Originally Posted by dmd202 Thanks for your reply. I talked with my bf and he agreed we should get a lawyer and a good contract. I would like to know, when we set up ownership, how do you determine who should sign on as owner and what are the benefits to that title. | Ask your attorney. |
06-20-2006, 02:42 PM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | | Not to repeat moburkes reply but that is why you are going to the Atty to begin with for advice on the best way to set this up. |
06-20-2006, 02:45 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | I understand that, but my bf expressed interest in being the owner, which concerns me. We haven't closed the deal on the house yet, so the lawyer is at least a few weeks away. I just didn't understand why he wanted ownership if we are splitting the house 50/50 anyway. |
06-20-2006, 03:03 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 15,040
| | Quote: |
Originally Posted by dmd202 I understand that, but my bf expressed interest in being the owner, which concerns me. We haven't closed the deal on the house yet, so the lawyer is at least a few weeks away. I just didn't understand why he wanted ownership if we are splitting the house 50/50 anyway. | Okay, then why do YOU need ownership? Let him be the owner since you are splitting things 50/50.
Even if you don't close on the house for several weeks, don't you think you need the attorney NOW, so that s/he has time to draw up the papers, etc? Or did you plan on waiting until the last minute because your attorney has no other clients, and its such a small thing to plan? |
06-20-2006, 03:09 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | Sorry to be confusing. We are having the house inspected this friday. I am pretty sure the deal will go through since the house seems good, but you never know. I was waiting until afer the inspection to go on with the other business. This ownership thing worried me, but if it's no big deal than I will let him have it if it's so important to him. Maybe it's a macho man thing. I'm not sure is all. |
06-20-2006, 03:13 PM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 15,040
| | Quote: |
Originally Posted by dmd202 Sorry to be confusing. We are having the house inspected this friday. I am pretty sure the deal will go through since the house seems good, but you never know. I was waiting until afer the inspection to go on with the other business. This ownership thing worried me, but if it's no big deal than I will let him have it if it's so important to him. Maybe it's a macho man thing. I'm not sure is all. | This ABSOLUTELY, POSITIVELY IS a VERY BIG DEAL! Do you understand? Your attorney will have ALL of the answers to your questions. You can ask them as soon as you pick up the phone. Since you will be paying him, they would LOVE to talk to you. |
06-20-2006, 07:16 PM
| | Senior Member | | Join Date: Oct 2005 Location: Tennessee
Posts: 3,783
| | Quote: |
Originally Posted by dmd202 I understand that, but my bf expressed interest in being the owner, which concerns me. We haven't closed the deal on the house yet, so the lawyer is at least a few weeks away. I just didn't understand why he wanted ownership if we are splitting the house 50/50 anyway. | You do not want just his name as the owner of the home. Make damn sure you are listed as an owner also.
Sounds like Boyfriend is already planning the split. |
06-20-2006, 07:44 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | Okay, I will get this all secured with a lawyer. Thanks for helping me keep my eyes open.
We are talking about doing a Tennants in Common, which I believe would make both of us owners, but I won't do anything without legal counseling.
Thanks for your help. |
06-20-2006, 10:05 PM
| | Senior Member | | Join Date: Oct 2005 Location: Tennessee
Posts: 3,783
| | Quote: |
Originally Posted by dmd202 Okay, I will get this all secured with a lawyer. Thanks for helping me keep my eyes open.
We are talking about doing a Tennants in Common, which I believe would make both of us owners, but I won't do anything without legal counseling.
Thanks for your help. | As a Tennant in Common you would both own 50% of the home, however if something were to happen to one of you then thier share would go to whomever they leave it to in thier will. It would not automatically go to you as it would if you were listed as joint tennants.
In other words if he were to die then he could leave his half of the house to whoever he wants to. You would not automatically get his share. |
06-20-2006, 10:23 PM
| | Junior Member | | Join Date: Jun 2005
Posts: 8
| | | We talked about the situation in case one of us dies. We were hoping the lawyer could write in our contract that whomever is surviving, they could have first choice of buying the property from the dead persons heir. If the survivor didn't want to buy, we wanted the only other alternative to be both parties must sell the property. Is this a clause a lawyer can write into our contract or are we just dreaming? |
06-21-2006, 08:21 AM
| | Senior Member | | Join Date: Aug 2005
Posts: 1,964
| | Quote: |
Originally Posted by dmd202 We talked about the situation in case one of us dies. We were hoping the lawyer could write in our contract that whomever is surviving, they could have first choice of buying the property from the dead persons heir. If the survivor didn't want to buy, we wanted the only other alternative to be both parties must sell the property. Is this a clause a lawyer can write into our contract or are we just dreaming? | PLEASSSSSSSSSE get the Atty today, not tomorrow, not after this that or the other but TODAY! The property can be properly addressed to protect both of you.
However from a personal prospective I would run hard and fast from a man who "but my bf expressed interest in being the owner", you do not have much of a relationship. However knowing you will not run then do not by pass an Atty before you do anything else. Express ALL of your concerns as well as bf's when you talk to the Atty. | |
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