Legal Question in Real Estate Law in Wisconsin

My partner recently purchased a house when we were together as a couple. I am not on the mortgage however, I have been putting a substantial amount of money into repairing the house (ie: new carpet, new bath tub, trim, new doors, landscaping, ect.). I also contributed towards the down payment for the loan. My question is, is there anything I can do this late into things to cover my end as far as us splitting and me getting paid back the contributions I have put into this new house? Should I draft up a contract? If so, will it be considered a legal document if things were to go to court? How do I make it a legal document?


Asked on 4/16/12, 9:00 am

1 Answer from Attorneys
Thomas Schober Schober Schober & Mitchell, S.C.

There are at least a couple things you should do. You should be added to the Deed, but the lender may then require that you be added to the indebtedness. All mortgages of that nature have a "due on transfer clause", so you would need their approval to add yourself to the Deed.

You should also do an agreement as to what happens if the two of you split. That is a contract. While that contact may set forth your agreement, there is no guaranty that the other party will have the wherewithall to pay you of you must be bought out.

You should consider getting an attorney to draft such documents, since they are not very common, and you do not want to lose any money if things go bad with your relationship.

Good luck!

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Answered on 4/16/12, 9:18 am


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