They want an equal share in the property and the one with less deposit can afford higher repayments
2007-03-27 12:03:30 · 5 answers · asked by dangerhowes 1 in Business & Finance ➔ Renting & Real Estate
DO NOT DO THIS!!!!!!!!!!!!!!!
2007-03-27 15:15:55 · answer #1 · answered by frankie b 5 · 1⤊ 0⤋
You can get a contract sorted before hand to say that should you decide to sell, then you will get the extra back (so if one friend puts 60% down then they get 60% of the profit).
BUT you can basically work it out however you want but get in drawn up officially by a solicitor. I can not stress this enough. You might be best friends now but when it comes to selling, it can ruin friendships and cost a fortune!
You are entering a legal contract with each other so make sure you are both protected when it comes to the financial side.
Good luck!
2007-03-27 19:10:57 · answer #2 · answered by spagbolfordinner 3 · 0⤊ 0⤋
That could cause some issues. The real question should be; how are they taking title? Joint Tenants for Tenants in Common. Should something happen to one of them, does the other expect to inherit the property? Or do they expect it to be sold and 1/2 the proceeds go to the deceases family? Huge questions, big trouble it you don't work these out in advance and have a contract of some kind.
2007-03-27 19:09:41 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Easy. The one that can afford more down payment puts more down. You split the payments on the house equally, but each month the second buyer gives some money to the first untill he has paid the difference in the down payment. At that point, you have both contributed the same amount of money, and can continue to split the payments.
2007-03-27 20:22:00 · answer #4 · answered by Ron B 3 · 0⤊ 0⤋
Go and see a lawyer and get something in writing, better to be safe than sorry
2007-03-28 10:25:43 · answer #5 · answered by Janet C 2 · 0⤊ 0⤋