purchasing home with boyfriend

[sabrzz]

What is the name of your state? Arizona
My boyfriend and I are having a home built and are closing mid next month. Both of us are previously divorced so naturally want to protect our interests in this home. We are putting equal shares as a down payment but would like to have a legal document stating the home will be sold within a certain time frame if we decide to end our relationship, for any reason, and the equity would be split equally. If we draft this agreement ourselves, sign, and notarize will it be legal and hold up in court if needed?

 

[I AM ALWAYS LIABLE]

What is the name of your state? Arizona
My boyfriend and I are having a home built and are closing mid next month. Both of us are previously divorced so naturally want to protect our interests in this home. We are putting equal shares as a down payment but would like to have a legal document stating the home will be sold within a certain time frame if we decide to end our relationship, for any reason, and the equity would be split equally. If we draft this agreement ourselves, sign, and notarize will it be legal and hold up in court if needed?

My response:

Not necessarily. Are you versed in law;e.g., each of Real Property, Probate, Contracts? Were you an English major in college?

You see, certain contracts require special verbiage, and perfect grammar. Without the verbiage, and if you happen to misplace a comma, the whole agreement could be misinterpreted or become avoidable.

When it comes to such a large purchase, why would you even think of "penny pinching" now? Have an attorney draw up the agreement.

IAAL

 

[thelizzy]

Why don't you just marry him? So if you decide to end the relationship, you can take the WHOLE house.

 

[nextwife]

"Why don't you just marry him? So if you decide to end the relationship, you can take the WHOLE house."

Why would SHE theoretically be the one in such a scenario to "take the whole house"? You think that SHE should get the house in a divorce because she's the woman? That whole line of thinking is an insult to woman, It's saying we, poor incapable things that we are, must be taken care of because we are just incapable of taking care of ourselves as well as a man. Bull crap.

If you end the relationship, another option is for one to buy out the other's interest at market value and refinance the loan. If one wants to leave, why should the other be uprooted by forced sale when the one leaving can be properly compensated another way?

 

[sabrzz]

Getting married is not going to protect either one of our interests in the home. My original posting is looking for some type of document we can write up ourselves stating in the event of a breakup, the house would be sold and equity devided equally. Again, we are purchasing this home together and putting equal $ down. My boyfriend and I have gone through divorces and know how bitter your spouse can get when it comes to money, cars, homes, anything of value. My question is...
Can we (my boyfriend and myself) write up our own document, sign, notarize and have it hold up in court if needed?

 

[I AM ALWAYS LIABLE]

My question is...
Can we (my boyfriend and myself) write up our own document, sign, notarize and have it hold up in court if needed?

My response:

Sure you can, go ahead. Don't answer my questions, and please, don't take my advice. Just start writing an agreement.

IAAL

 

[sabrzz]

Sorry, I didn't think you where looking for answers. But no, I am not an english major and not well versed in law.
(I wouldn't be here if I knew what I was doing)
I am penny pinching right now because of the expense of buying a home. Is there a document or packet I can download or purchase so we can do this on our own?

 

[I AM ALWAYS LIABLE]

Sorry, I didn't think you where looking for answers. But no, I am not an english major and not well versed in law.
(I wouldn't be here if I knew what I was doing)

MY RESPONSE: If you're not versed in law, i.e., the areas of law that I mentioned, and you don't understand the importance of grammar as it relates to law, then I would strongly recommend that you see an attorney. This is NOT an area where you can, or should, "scrimp" (be cheap). The future is too important in how you write such an agreement today.




I am penny pinching right now because of the expense of buying a home. Is there a document or packet I can download or purchase so we can do this on our own?

MY RESPONSE: No. There is no such thing as a "canned" agreement in this type of situation. Each agreement of this type needs to be "tailor made" because everyone's needs, hopes, dreams, expectations, and purposes, are different. In other words, what you might hope to happen in one type of situation, may not be the hope of someone else. Therefore, a "canned" agreement is nearly impossible.

Besides, like I said, even if you did write your own agreement, you might miss a certain important point, and / or you may make the agreement grammatically incorrect - - thus giving two or more interpretations of what you meant to say, which in turn could make your agreement avoidable if "push were to come to shove."

Have an agreement professionally drawn.

IAAL

 

[nextwife]

You have heard the expression "Penny wise, Pound foolish" right? It is very applicable here. Spending a few dollars now can save perhaps tens or hundreds of thousands later.

I've seen SOOOO real estate MESSES from people who tried to do their own legal work to "save money" and it costs them so much more in the end. What would you think if your builder told you he was saving you money by having Uncle Fred instead of a knowledgable electrician do the wiring in your new home to "save" you some money?

 

[HomeGuru]

Sorry, I didn't think you where looking for answers. But no, I am not an english major and not well versed in law.
(I wouldn't be here if I knew what I was doing)
I am penny pinching right now because of the expense of buying a home. Is there a document or packet I can download or purchase so we can do this on our own?

**A: if you do not hire an attorney now and do things the right way, you will be hiring an attorney later and paying a much higher cost.

 

[sabrzz]

IM ALWAYS LIABLE......
What "type" of attorney should I consult with? I know there are many out there that specialize in different areas of law, any suggestions on what I should look for? Also, how much should this cost? I wouldn't think it would take HOURS of anyones time if you are well versed in law.

 

[I AM ALWAYS LIABLE]

IM ALWAYS LIABLE......
What "type" of attorney should I consult with? I know there are many out there that specialize in different areas of law, any suggestions on what I should look for? Also, how much should this cost? I wouldn't think it would take HOURS of anyones time if you are well versed in law.

My response:

A Family law attorney, or a Real Estate attorney - - or preferably, an attorney who practices in both areas of law.

If you came to my office, you could figure on $750.00 to $1,250.00, depending upon the complexities of your exact situation. It would also take about 1 to 2 hours of in depth interview to gather all the necessary personal information about the both of you.

IAAL

 

[thelizzy]

"Why don't you just marry him? So if you decide to end the relationship, you can take the WHOLE house."

Why would SHE theoretically be the one in such a scenario to "take the whole house"? You think that SHE should get the house in a divorce because she's the woman? That whole line of thinking is an insult to woman, It's saying we, poor incapable things that we are, must be taken care of because we are just incapable of taking care of ourselves as well as a man. Bull crap.

If you end the relationship, another option is for one to buy out the other's interest at market value and refinance the loan. If one wants to leave, why should the other be uprooted by forced sale when the one leaving can be properly compensated another way?

I was being facetious to the fact that a lot of people like to act like they are married before they actually are.
Apparently, that was lost on her.
And if you haven't noticed by name, I am a woman as well.
Who is marrying her fiance. AND THEN BUYING A HOUSE.

 

[nextwife]

""Why don't you just marry him? So if you decide to end the relationship, you can take the WHOLE house."


Sorry, but your post appeared to imply that in a split, the divorcing woman should automatically be the one to get the house? Or did I read that wrong?

 

[HomeGuru]

""Why don't you just marry him? So if you decide to end the relationship, you can take the WHOLE house."


Sorry, but your post appeared to imply that in a split, the divorcing woman should automatically be the one to get the house? Or did I read that wrong?

**A: I read it the same way.