Legal Question in Real Estate Law in Michigan
real estate
my sister and i are buying a property together. we've agreed to some terms, such as sharing the profits 50/50, and need to have it drafted in contract terms. is this a personal contract, real estate contract or ???
Asked on 4/16/09, 12:59 pm
1 Answer from Attorneys
Renee Walsh
LawRefs Nonprofit
Re: real estate
The contract between you and your sister is a business contract. The contract for the property is a contract for the purchase of real property between you and your sister as buyers and the seller(s).
Great idea to get your joint venture in writing with your sister. Anticipate the unanticipated. Put in a liquidated damages clause.
If you have any further questions, please contact me via my website at www.lawrefs.com.
Answered on 4/16/09, 4:00 pm
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