Legal Question in Real Estate Law in New Jersey
Unmarried joint property ownership
My boyfriend wants me to buy a house with him. We will not marry. How can I protect my investment in the home. Can I get a stipulation stating that if we break up, I will get back all the money I have put into the house ( mortgage payments, home improvements, etc. ) or my half of the equity at the time of the split, which ever is greater, within a designated time period?
Please help me, I am all alone, no family, no resources, very small savings, and too old to throw any more money out the window. Thank you. SD
2 Answers from Attorneys
Re: Unmarried joint property ownership
SD: You should consult a competent attorney to draft a detailed partnership agreement covering your situation. Your concerns can be addressed by agreement between you and your boyfriend.
Re: Unmarried joint property ownership
SD: You are at risk and should have the equivalent of a palimony contract or joint venture agreement spelling out the purchase between you and your boyfriend and what your agreements are in the event that the relationship terminates. The agreement should also spell out what each of you are contributing to the purchase price, what each will be responsible for in terms of monthly payments, what happens if one fails to make his/her contribution to the monthly costs, what rights each has if the relationship terminates and a procedure for getting reimbursed, paid out for your equity value and some language compelling a sale if there are unresolved disagreements. I have drawn these agreements in the past for people in your situation, so I am familiar with what should be included. If you'd like, call me at (973)-377-3313 and we can discuss this.
Walter
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