Legal Question in Real Estate Law in California

Re: using inheritance for down payment before marriage. Is it wiser to wait unti

Please, please, please don't buy anything but do anything without first seeing an attorney specialized in real estate. I've been practicing for over 30 years and specialize in real estate. Love is wonderful, marriage is wonderful, children are wonderful but you must protect your own investment. Minimally, before you get married this is your separate property and a partnership agreement, written agreement should be prepared for you and your boyfriend. It should cover the situation of breaking up before marriage and what you do with the house, breaking up after marriage, the contributions each expects the other to make toward the house in what happens if they don't make it. There are so many variables far too many to go into in this letter. I've seen the worst-case scenarios at I've seen the best case scenarios even in a tragic situation. Every best case scenario has a partnership agreement which the parties can use is the basis in settling the problems between them when the rapport or relationship is lost. Again, please, please, please, don't do anything until you've gotten the advice of attorney in this potentially expensive mistake situation. If you wish to consult with me you can reach me at 9 25 -- 945 -- 6000.

Re: using inheritance for down payment before marriage. Is it wiser to wait unti

I am working on a similar situation at this very moment.

Inherited money is the separate property of the person who received the property, whether you are married at the time or not. However, if you comingle it in an asset that is community property, or in this case (before marriage) someone elses separate property, you could put yourself in a position where you could lose your inheritance.

A simple agreement drafted and signed by both of you, spelling out the terms of your ownership of the property, will be in your best interest.

Re: using inheritance for down payment before marriage. Is it wiser to wait unti

I assume it will take both your resources to swing the deal -- your down-payment cash and his borrowing power.

Some lenders may try to get you to buy the house in his name only, based on superior credit worthiness. Avoid this trap.

Otherwise, enter into a written agreement beforehand, indicating who pays what and making it clear that in the event of a dispute that either party has the right of partition.

Keep in mind that the law tends to find ownership in the party who made the down payment, and to downplay the significance of making mortgage payments. The latter are often regarded as the equivalent of rent paid for the right to live in the down-payment-maker's house.

Also keep in mind that property held as tenants in common may be other than 50-50 if the deed so specifies, or if a court so finds. Two-person joint tenancies are always 50-50 as are most, but not all, community property ownerships.

You should be able to get a local lawyer to draft a quality agreement for a fraction of what you'll be risking in making the purchase.