Legal Question in Real Estate Law in Ohio
home purchasing
I am purchising a home with my mother and boyfriend. We have all agreed on what we want from it. My mother is dropping down the down payment and wants it back as well as a third of any equity earned, when we sell. My boyfriend just simply wants his daughter to be able to complete high school in the school district, she is a freshman. I want the half of the equity since I will be raising a small child. We have all agreed that in four/five years we will sell the home. If one member does not want to sell the home they can refinance as long as it covers the buy out. We would like to have this in writting. Is it possible?
2 Answers from Attorneys
Re: home purchasing
Not only can you, you need to have this in writing. The agreement should cover payment of ongoing expenses, repairs, maintenance, and the right to possession. Contact a local real estate attorney.
Re: home purchasing
Dear Home Purchaser, What you request is complex, but possible. It will require a carefully written and detailed Agreement, containing all of the terms, in the form of a contract, which must be prepared by an experienced real estate attorney.
Good luck!
Sincerely,
J. Norman Stark
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