Legal Question in Real Estate Law in Virginia

Hello, I'm in process of buying a house with my best friend. The agreement is to include her onto the deed but not the mortgage and we split the cost of the mortgage 50/50. The plan is to sell the house in 3-4 yrs so this would be a short term investment. Here's my question, I'm in process of writing up a contract between her and I and I was told I needed an Memoradum of Understanding. In this MOU, I plan to state that this property will be sold by 2014 Jan. Also in the agreement I plan to state that if we had a fall out as friends, neither deed holder will be able to bring in an roommate without both deed holders consent and if one of the deed holders breaks that agreement, they will lose their half of the deed. Is this legal and if not, how do I make this legal? Do I need to get this notarized? Would this agreement hold in court? Thank you!


Asked on 1/09/10, 4:19 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

This proposed agreement would not be legally viable with respect

to removing the defaulting party from the deed and appears to be generally a prescription for future problems regarding the subject property that will not be easily resolvable due to the relational status of the parties merely as friends who would be holding title as tenants in common (in my opinion).

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Answered on 1/15/10, 7:56 am


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