will not be fights if later they were to seperate and want to sell 50/50????
2006-09-11 12:10:46 · 7 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce
I m a Realtor ,and lawyer, when purchased the deed will name both as owners of the property, just like your home, if you are married,the problem is when one doesn't want to sell , the other, must buy the others share, at market value
2006-09-11 12:23:36 · answer #1 · answered by bull 5 · 0⤊ 0⤋
You're being given some bad advice. There are two parts to a real estate transaction that need to be specific in order to avoid a huge hassle if things fall apart. The first is the deed, the second is the contract. Both are critical. The deed should list them as "tenants in common" and should specifically state "in equal shares". If you want one to have the entire property if the other dies, make them "joint tenants". Otherwise, stick to "tenants in common".
The second is the contract, which must be in writing to be effective (this is what the Statute of Frauds was made for). It should be a contract from the seller to the buyers, and state specifically that the buyers are each purchasing "equal shares". These words are terms of art in the legal world. You need to use those exact words. By doing so you've covered all issues regarding law.
Even so, you need to understand that, beyond law, there are issues of equity. If one pays more than the other, etc. they can raise equitable arguments (fraud, undue influence, latches, estoppel... the list goes on and on). There is no way to eliminate all of these issues. I repeat: there is no way to eliminate all of these equitable issues. Period.
Do what you can, but this is a very, very bad idea.
2006-09-11 12:25:16 · answer #2 · answered by antirion 5 · 0⤊ 0⤋
I am not sure on the paperwork, but as long as she puts the same amount down and can prove she makes half the payments there is no need for an agreement.
2006-09-11 12:15:37 · answer #3 · answered by galbee 3 · 0⤊ 0⤋
Well if they are both buying it.. then both of their names should be on it.. and if so.. then no need for an agreement, its automatically split 50/50
2006-09-11 12:13:31 · answer #4 · answered by brwneyedgrl 7 · 1⤊ 0⤋
Don't need anything fancy. Just a letter explaining how things will be handled if they break up. They both sign and date it.
2006-09-11 12:14:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
i would not think that they would need that if both names are on the deed to the land. ONLY MY OPINION. YOU NEED TO CONSULT WITH A LAWYER IN YOUR AREA.
2006-09-11 12:15:30 · answer #6 · answered by purpleartof5 2 · 0⤊ 0⤋
I think it's a pretty ridiculous idea, if you'll pardon my saying so.
2006-09-11 12:12:14 · answer #7 · answered by Anonymous · 0⤊ 1⤋