Legal Question in Real Estate Law in New Jersey

Down Payment & legal document

My boyfriend and I are planning on buying a house together & eventually getting married. My dad says that we should each have a legal document verifying how much each of us give as a down payment in the event our relationship ends. Is this something people are doing? I don't want my boyfriend to take it personally & think that I'm already thinking of the worst. Also if the relationship ended would I get my portion of the down payment back? How can I advise him that this is a good idea without making him think I'm thinking negatively?


Asked on 1/18/08, 6:29 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Down Payment & legal document

Your father is a wise man. Nearly every question that contains any either of the words "boyfriend" or "girlfriend" is a tale without a good ending. Since you have asked before a problem came up, you have a chance of having a good ending no matter what happens.

For several reasons, most of which have nothing to do with your commitment to each other, you should not buy a house with a bf, gf, or anyone else without a separate agreement to provide for buyout and several other things. Breakup is not the only contingency that has to be covered.

Since you are buying the house, you should be represented by a lawyer. Ask for help with this issue too. Your lawyer will understand the issues and will be able to ensure that the reasonable expectations of both parties are protected.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 1/18/08, 10:44 pm


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