Legal Question in Real Estate Law in Virginia

Joint Ownership of single family home
I am buying a home with my life partner - we are not married and never will. We are co-signing on the mortgage. We are putting down 5% on the loan and financing the balance. We need to draw up some agreement that is legal as to what we agree upon in case something happens to either of us or if we decide we cant stand each other and need to split. I have the 5% in cash to put down and the balance for closing is about $5000 which we will probably split. The 5% comes to 12,500.00. If we should sell the property I want to make sure I get my 12500 back before we split any profits (if there should be) from the sale of the house. Do we need the expense of hiring a lawyer to do this? Thanks for any help you can offer.

Asked on 4/12/01, 1:53 pm

Daniel Press Chung & Press, P.C.

0 users found helpful

0 attorneys agreed

Re: Joint Ownership of single family home

Absolutely. You should each retain separate counsel to draft a binding contract that protects both of you.

Answered on 6/08/01, 6:56 pm

Keywords

Match Any Match All

Country

State

Area of Law