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Home purchase - agreement

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Carol Cains Guest	Posted: Wed Nov 02, 2011 11:26 pm    Post subject: Home purchase - agreement Like 0 Dislike 0 Hi there… I am in a relationship (with a domestic partner) and we have decided to purchase a home together. The down payment is being given by the domestic partner's parents. What should we know when speaking to a lawyer about this arrangement? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Thu Nov 03, 2011 1:00 am    Post subject: Like 0 Dislike 0 It is always a good option to contact your lawyer and and set up an agreement before buying a property jointly with your spouse. This will save you from lot of problems in case both of you decide to split. Both of you should talk to your lawyer about how the proceeds should be divided. Equal shares may not be applicable in your case as your partner is paying the down payment. Thus, your partner deserves a larger share of the proceeds. If both of you don’t want to divide the property like this, then you should check out whether you can divide the net proceeds by each partner’s contribution to the equity in the house when it is sold. _________________ Good is the Enemy of Great.

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