How Do We Co Own

What is the name of your state? California

I am considering buying a home with a partner. Of the down we can place on the property, I will contribute 90% and she will contribute 10% if the down. We will split the monthly morgage equally. If we live in it for 5 years and sell it at a profit. Does she get 10% of the profit and I get 90%?
Thank you.

[HomeGuru]

Originally posted by MudPie
What is the name of your state? California

I am considering buying a home with a partner. Of the down we can place on the property, I will contribute 90% and she will contribute 10% if the down. We will split the monthly morgage equally. If we live in it for 5 years and sell it at a profit. Does she get 10% of the profit and I get 90%?
Thank you.

**A: I suggest hring an attorney to draft a partnership agreement and making sure that the deed reflected the agreed upon % of interest. There are also other factors to consider such as expenses of insurance, real property taxes, hazard insurance, repair and maint., if one partner decides to move out, if one partner wants to sell prior to the 5 years, if the property cannot be sold at the end of the 5 year period due to economic and bad real estate conditions etc.

[lvfnchs]

I feel obligated to reply to this question, since I am currently in a similar situation. I second HomeGuru's reply. Please, please, please write up something about the split of money in the event of a sale. Include who will be making mortgage payments, utilities, etc. I am just getting out of a joint mortgage with the same split of down payment money, and it has been a nightmare. It is SO much better to have it in writing first. Good luck.

[HomeGuru]

Right on.