Anyone ever buy property with a partner. Any advice?

[sbj405]

Getting a real estate attorney, of course. But I'm curious what people's experience (good or bad) has been.

Edit to clarify: This is a relationship(3+ years), not a business partner.

[philosophie_en_rose]

1. Think about every possible contingency and discuss it with the attorney.

Also - you MUST have separate attorneys. You and your partner may have separate interests, and a lawyer can't truly be loyal to both of you.

[pitohui]

2. yes -- and be cautious

about a decade later i ended up marrying the guy :-)

seriously there's no reason it can't work, people buy property w. partners, be they sex partners or business partners or both, every single day

i'm not sure it requires a real estate attorney, we didn't need one, but this probably depends v. much on the individuals involved and also the value of the property of course

[graywarrior]

3. Know your partner.

Have in writing what each of your roles will be, and change the written document when your roles change.

Be prepared for all the dysfuntion of the relationship, because in a way, it's like a strange marriage.

Double check, and check again everything you both agree to.

Don't believe everyone means what they say.

After a couple of years, you can begin to relax....maybe.

[Bucky]

4. My sister did this. They were so in love and had been together 10 years. Bad choice.

Six years later, when they split up, it got ugly and the lawyers got rich.

My advice is don't. If you think it's a love that'll last forever, then pick one of the two of you and buy the house in that person's name only.

[flvegan]

5. Pm me with the particulars.

I think I can help shed light on any situation.

[speedoo]

6. I had a bad experience.

Primarily because I allowed my partner to make decisions re. tenants. That killed what otherwise would have been a very sweet investment.

If it's a rental property, make sure you check out every potential tenant thoroughly, and if a tenant falls behind in rent, evict ASAP.

[NJCher]

7. don't.

Just don't.

One word: partition.




Cher

[mike_c]

8. don't do it....

I ended up signing a quit claim because her lawyer threatened to make my life utter hell if I didn't. In the end it was best, I suppose, but if I had it to do over I'd rather gnaw off my left leg.

[Tyo]

9. Bite the bullet, get a good lawyer, do a trust.

You never know what's going to happen. You and your partner might be just fine till death do you part, but what happens then? And what about your respective families? Is there going to be any weirdness there in terms of contesting things? What about Uncle Sam? You need to protect each other. My partner and I are blessed with each other and with supportive families but we've still made our property as legally iron-clad protected as possible. It's not particularly cheap, but do it. Life is too short to be wondering whether or not you are secure in this area.

[bigwillq]

10. I have.

I put a condo for my man in my name.

I signed all the papers.....the mortage loan was in my name for a few years until the man was able to establish better credit.

I signed it over to him just last year.

Things went well. We had a lawyer but we never really ran into any problems over it.

[Porcupine]

11. It's radioactive. Don't do it.

My brother purchased a property with his then girlfriend. Even though his name was on all the papers and he was paying the morgage he got reamed.

Even in a marraige owning property together is a disaster if there's a breakup.

[zanne]

12. It can put alot of pressure on the relationship.

I bought a house with my husband, who's legally forced to get along with me, and it's still hard sometimes. Every time something breaks down or needs repairing, the atmosphere gets kinda tense. If you're a strong couple, you can get through it just fine, but if you're not really committed, watch out.

[Gormy Cuss]

13. The lawyer is an important step.

There are ways to buy that protect both of your interests should the relationship fall apart. That said, if you have any doubts about your long term compatibility, especially your financial compatibility, think long and hard about it entering into a legally binding relationship.

I did it (deeded 50% interest to each partner)and it worked out just fine. We both knew what the risks were when we got into the deal and we had the same financial outlook.

[XemaSab]

14. Don't do it unless you are married or have some sort of contract

with the person.

Otherwise, if you break up, it will be 10,000 times messier than a normal divorce/break up.