Buying a house with Girlfriend
I am looking to protect her and myself just in case there should be a breakup. I know there are partnership agreements out there but having a hard time finding one for this type of partnership. Would like some suggestions or links to a agreement.
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
What are you wanting to happen if you break up? If both of your incomes are required to afford the property, you should just plan on selling if you break up. Put at least 10% down and you should be break even if you have to sell, or at least you'll have to bring minimal cash to closing to sell.
Each would put in 50% of the down payment. Each pays 50% of the payments. If you do end up breaking up and have to sell, and you have some cash from the sale, split it 50/50. If you have to bring cash to closing, each bring half.
Write that into a document, make two copies, both sign.
But what are you thinking this partnership would look like?