Legal Question in Real Estate Law in California

Re: Moving with a friend

Hire an attorney to draft a contract. You should count on the fact that someday you will need to divide the proceeds of a sale and it is much less costly to prepare now then to litigate expectations latter.

Re: Moving with a friend

What do you mean IF we split up? Even if you marry and never divorce, someday your heirs and hers will have to deal with the status of the property. Don't leave them an unnecessary tangle.

All arrangements covering interests in real property should be in writing and should be prepared by an attorney. There are a couple of pretty good legal self-help books covering living together arrangements in the wake of Marvin v. Marvin; you might find reading one instructive but there is no substitute for professional assistance in drafting the contract you need.

Re: Moving with a friend

The only way to protect your real property investment is with a written agreement. The agreement should carefully spell out all your understandings with your co-owner/cohabitant, not just how you will divide profits on a sale. For example, you need to address what will happen if one of you fails to contribute his/her half of the expenses, or if one of you wants to move, and the other wants to stay. The agreement should also address how you will resolve any disputes (i.e., arbitration, mediation, litigation), and who will be responsible for the costs thereof. Without such an agreement, you can almost be guaranteed trouble down the line. I have drafted many such agreements, and would be happy to consult with you further regarding your situation. Feel free to contact me through my website @ www.labusinesslawyer.com