My boyfriend is buying a home with a friend. He was just told yesterday that it is good to have a contract between him and his friend in case anything happens. Now I'm not sure which contract this is, but he asked me to look up "Joint Tenancy" but every time I do it's about renters. He is actually going to be on the Deed, and he needs to write up a contract but doesn't have a clue where to start. I need a sample contract or something to go by that I can add on to, of course any advice is greatly appreciated but I need something like a template to start with so I can include the names, etc. PLEASE HELP!!!! The house closes on the 10th and he wants to include it in the contract. YOUR HELP IS ALWAYS APPRECIATED.
2006-11-06 08:58:01 · 5 answers · asked by Tracey 4 in Politics & Government ➔ Law & Ethics
With real estate always, always, always engage a lawyer. If he does this wrong it could cost him thousands. It isn't worth it.
2006-11-06 09:02:00 · answer #1 · answered by skip 6 · 0⤊ 0⤋
There are various forms of Joint Tenancy, normally it will include right of survival, thus when one dies the other gets full ownership.
Owners in Commom own a portion of the house and can sell or leave in a will thier part of the home.
Joint Tenancy is normally done between husband and wife or girlfriend and boyfriend.
and you can merely pospoine the closing till you get the deed info.
Since the person doing the deed has to write it up with those provisions on the deed.
And this is not something you can write up by yourself, the attorney doing your closing should be the one working on this.
2006-11-06 09:04:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would have an Attorney draw up the contract or review a contract already made. Plus the added benefit of having one, just in case there is a problem in the future. I provide a service that will review unlimited documents/contracts by an Attorney/Law Firm in you State. You will also have access to the Attorney 24hours a day to ask any question at anytime, no additional charge. Please contact me if you would like more information on this excellent service.
Take Care and Good Luck,
Jon
2006-11-06 09:11:32 · answer #3 · answered by Anonymous · 0⤊ 1⤋
by technique of taking call as "joint tenants", might want to one die, the different one has survivorship rights. In different words, the significant different would acquire call to the valuables. it really is difficulty-loose for married couples. once you write a revenues settlement to purchase property, this guidance is requested after the names of the persons determining to purchase. in case you at the instantaneous are not utilising the guidance of a Realtor, I strongly urge you to employ a real property criminal specialist to write down the provision. you may want to seek for an on line purchase settlement, that would furnish you with the verbage you seek for.
2016-11-28 20:38:12 · answer #4 · answered by sobczak 4 · 0⤊ 0⤋
You want to cover stuff...like one of them dies, or they argue and one wants out of the deal, or one wants to sell and the other doesn't, or one wants to carry fire insurance and the other doesn't, etc.
2006-11-06 09:01:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋