not married and planning to purchase condo with boyfriend. is there anything we shoud do before we buy?

Answer 1

Are you both putting your names on the condo? If so, you're both responsible for payments; if one of you moves out, the other has to pay all the payments (until you can sue the other for payment due), otherwise you'll both wreck your credit.

If one of you buys, you can just rent to the other. Make sure you put it in writing, though, about the amount due and what happens if the renter wants to move out (regarding amount of notice due and any obligation to find a replacement renter).

Be VERY careful of joint obligations like this before you're married. Avoid it to the extent possible. If you're going to buy together, show each other your credit reports first.

Answer 2

most importantly: do NOT purchase anything on a long term note, creating higher debt! put off that new car until after you buy the house!!! we are in the best buyer's market that i ever heard of or saw, in my entire career, so do not compromise your ability to buy by getting into more debt!!!

then, pretty much as important: before you sit down with a Realtor(r) who will be your "buyer's agent," (you do not pay), you really need to go to a mortgage lender of your choice. look in the newspapers to see what current rates and points are for a 30 year, fixed rate mortgage. the lenders that are actually going to close the deal when it is time to close are those that have medium rates. if lowest, expect that 3 days before you close, they will suddenly ask for 10 years' of past irs tax returns for both of you, all of the landlords that you ever paid in the past 10 years, all of your past leases for 10 years, etc., you know what i mean. i tell you this because the ones that have the lowest interest rate but the same number of "points" (one point is one percent of the mortgage amount that you pay to secure a given interest rate, these days they are zero) do not play a fair game: they want you to not be able to give them all that documentation, in order that you cannot close, so then, they can change the interest rate and points you pay upwards!

another thing: start to drive and walk the neighborhoods you are considering. you want to see how people keep up their property, how densely populated certain streets are (stay away from density if you can--try not to buy on a street that only has large buildings, but one that has mostly single family houses or two flats), and you want to know which parks, libraries, houses of worship, and stores are in the areas.

then, find an experienced Realtor(r), (trademarked name meaning they are a member of, and live by, the code of ethics put out by the national assc of realtors in washington, dc), not necessarily the one that brings in a million a year in commissions because she would not really CARE about YOU, but one that will listen to your needs vs. wants.

if you need additional qualifiers for the type of agent you should work with, please address specific questions to me at the address provided herein. (i answer many buyer questions here on a routine basis, so you can also look at some of the other questions that were placed, to see if you can find my insignia, the "eye.")

Answer 3

Bad idea. This situation happens many times, for example, a girl walked out on her boyfriend after they had purchased a new house/condo. She thought since the house/condo was put in his name, even though she signed as a borrower, that it was his debt since she moved out.
He stopped making payments on it and the creditors were going after both of them. She was basically obligated, as well as he, to pay the 30 year mortgage or face foreclosure and ruined credit.

Answer 4

You should go see a lawyer and draw up a contract that specifically spells out what happens if you split up.

You need to take into account how much each of you is bringing to the purchase, who and how the payments are made and what will happen if you split up.

Answer 5

Yes! How about getting married. Or, get agreements on paper about who will do what duties, who will pay the mortgage if one loses their job, how much will be kept in a joint account to cover the future mortgage. Things like that. Listen to Suzi Orman!

Answer 6

Yes. Get married.

Answer 7

you opt for to seem on the identify of the possession. Do you personal it as joint tenants with precise of survivorship or tenancy in worry-free? commonly speaking, you save your resources you owned previously marriage as separate resources until eventually you commence using community money to pay for it, or safeguard it. Then she ought to install a declare. yet in case you opt for to avert such, you ought to purchase your brother out, you would have him do a prenup or purely promote it and split it. she will be able to really no longer have any rights to it, until eventually they divorce and they ought to split their personal and authentic houses. yet lower back, you ought to verify with an Arizona kinfolk regulation legal specialist for certain guidelines in that state.

Answer 8

decide whos name it will be in if it is in his and you 2 break up you are out the equity and any money you put in it makes sure your on the title if you want rights to it after or if anything happens to your relationship!

Answer 9

Get married first.... it could save a lot of hassels in the future.

Answer 10

Yes, get married!!! This situation could get messy if y'all break up.