|Re: Shared Houses||<– Date –> <– Thread –>|
|From: Buzz Burrell (buzzdiac.com)|
|Date: Tue, 8 Sep 1998 08:57:55 -0500|
On 9/8/98 1:08 AM Becky wrote: >I've been thinking about buying a house with another person or a family >who is not related to me. If I were to do this, I would want to make >sure that we entered into this arrangement with a sound business >agreement. I'm writing to find out if others have done this and what >kind of business arrangement you had. > >If one party wanted to sell, what were the arrangements? If one party >became unable to pay their part of the mortgage, was there any >protection for the other party? Do banks give out two separate and >independent mortgages for such arrangements or do you need to get one >mortage together? Shared houses are great and are not uncommon. One always draws up and signs a written contract. You can simply answere the questions you've already asked in writing, look over what someone else has done, or get a book on the subject which contains sample contracts. A lawyer is not neccessary, although feel free to spend the money if you wish. Our contract is about 4 pages long, with half of that being what happens if one person wants to get out. I'll e-mail it to you off-list if you wish. There is standard language if one person can't pay the mortgage (the other pays it and gets credit). Anytime there is one deed, there will always be one mortgage. For books, Nolo Press is the place to go. They have the "Living Together Kit" and others. Find their website or 800 number. They are so helpfull, I hear they are being sued by the Texas State Bar Assoc (for taking away business from lawyers). Buzz Burrell Boulder, CO
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