How did you structure your house purchase w your domestic partner?

Question

My lady and I are talking about buying a house. I have more of the down payment than she has. I am curious as to how other people structured the arrangement. What did you agree to in the event of a breakup? Did you sign your documents before a notary public?

I find it interesting that there are two well thought out answers and one case of moral outrage. I would have sent her an email but she does not accept them. This was a legal question, sweetheart. You have no idea of our situation so answer the questions as asked and don't be so rude as to make assumptions.

Answer 1

We agreed that I would buy the house on my own and if we married that I would quitclaim an undivided 1/2 interest to her and we would refinance on a joint loan. Our attorneys drew up the agreement, and yes it was notarized. I was damn glad we did it that way when we split up a few years later. I wrote her a check for the amount of the down payment that she had contributed and that was that.

If you are not married I would strongly urge you to each retain an attorney and work out an agreement acceptable to both of you. It's money well spent. (And if you can't afford it right now, DON'T BUY!)

Answer 2

I would just have an agreement drafted that divided any future equity in the house similar to shares based on your down payment. If you're putting down 10k and she's putting down 5k, that's a 2:1 ratio. That's how the equity could be split. In the event of a sale, all expenses would get taken out first, before the equity is divided. Thats the best (most fair) thing I can think of. Oh, and these days it is good to be level headed and realize that sometimes things don't work and you want o be prepared for it. Or you could have blinders on and get taken to the cleaners like Paul McCartney. Don't let people give you a hard time about asking this question. "hope for the best, prepare for the worst" Hope this helps!

Answer 3

Get a legally binding agreement that spells out what you are each contributing to the transaction, who will pay for what while you own the house together. Include what happens if you decide to sell it, break up, get married or if something catastrophic happens to either of you. (This will avoid family squabbling over the house and who is entitled to what).

I'd advise that you have an attorney draft this agreement and have it notarized.

Answer 4

Most of them get married when they are old enough to stop playing house, and make a legal committment that protects BOTH parties.

If you don't trust her enough to marry her, then you shouldn't be buying major purchases with her, where you are going behind her back and making sure that YOU aren't the one that is "out" of anything, should the relationship turn sour.

Nice way to start a living arrangement.