Legal Question in Real Estate Law in Colorado
Division of Downpayment
When you have purchased a home and the other joint owner provided the downpayment, what agreement form, etc needs to be filled out to assure this person that upon break up or sale of property that this person will receive their downpayment back (after the first is paid off). Then the reminder of profit (if applicable) would be split 50 - 50 amoung both joint owners?
1 Answer from Attorneys
Real estate partnership
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Louise Aron
Attorney at Law
Lakewood Office:
1536 South Ingalls
Lakewood, Colorado 80232 USA
(303) 922 7687
fax (303) 922-1370
Cherry Creek Office:
300 South Jackson #100
Denver, Colorado 80209 USA
(303) 780-7339
Satellite offices:
Boulder - 4450 Arapahoe Avenue, #100
DTC - 4610 South Ulster, #150
A TOLL FREE NUMBER is available to clients outside the Denver metro area.
web site http://www.bewellnet.com/louise/
Dear LawGuru User:
It is extremely important that people who are not married who purchase real estate together have a partnership agreement drawn up.
This should be done as soon as possible to clarify the rights, duties and interests of each owner. Also, ownership as tenants in common should be considered (most deeds are "automatically" made for joint tenants).
The agreement you reach may be called a "Partnership", a "Real Estate Partnership", an "Agreement Regarding Real Estate" or any number of other names. The name is unimportant. It is the content of the agreement that is significant. The agreement must tell you what will occur upon the exit of either partner. Will the property be bought from the remaining partner? Will the property be sold outright? How will the price be determined? What if you cannot agree on a price? What if you want to include a third partner? What if one of you dies or becomes disabled?
These and other considerations must be contemplated and set forth in the agreement you reach.
Please contact an attorney as soon as possible so that all of these matters can be clarified, and your interests protected.
Thank you for contacting LawGuru.
Sincerely,
Louise Aron
Attorney at Law
Main Lakewood Office:
1536 South Ingalls
Lakewood, Colorado 80232 USA
(303) 922 7687
fax (303) 922-1370
Cherry Creek Office:
300 South Jackson #100
Denver, Colorado 80209 USA
(303) 780-7339
Satellite offices:
Boulder - 4450 Arapahoe Avenue, #100
DTC - 4610 South Ulster, #150
A TOLL FREE NUMBER is available to clients outside the Denver metro area.
web site http://www.bewellnet.com/louise/
THIS EMAIL MAY BE PRIVILEGED AND CONFIDENTIAL AND IS INTENDED ONLY FOR THE PERSON TO WHOM IT IS ADDRESSED. IF THIS INFORMATION IS NOT INTENDED FOR YOU, THEN PLEASE DELIVER IT TO THE PERSON IT IS ADDRESSED TO WITHOUT READING OR COPYING IT. THANK YOU.
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