Legal Question in Real Estate Law in Virginia
Buying a house with my partner
I'm buying a house w/ my boyfriend but I am putting the downpayment on the house. We have agreed to enter into some document stating what percentago of the house each of us will own (i.e. I will own 55% of the property). My question is as we go to close on the house do I have to disclose our arrangement to the closing agent & the seller at closing or can this agreement stay between my partner & I? We also took out the home loan jointly and have not told the bank of our arrangement. Thanks!
1 Answer from Attorneys
Re: Buying a house with my partner
Although you haven't asked, I will, nevertheless, gratuitously offer my opinion as to the advisibilty of this purchase arrangement: it's a prescription for trouble and one that you will very likely regret, and probably, sooner rather than later.
As to your main question, I know of no reason which would compel such disclosure to the seller and closing agent. (After all, their main interest is whether you as buyers will have the money to close the deal at the time scheduled for the closing---and nothing really beyond that.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
