You are in love and it feels right...it seems the most practical thing to do, but look before ypou leap. Things do go south sometimes...people change and then you have to face reality. Before you make a big purchase like a home...know the rules of engagement
Before you purchase a home with your boyfriend or girlfriend, think twice! If both names are on the deed, just as in a marriage, both names need to be on the listing agreement and both people need to sign at the closing table!
I received a call today from a young man who purchased a home with the person he assumed would be his partner forever. They purchased a great home together and now, a few years later, they have parted ways. One has left the home and the other is still there. One wants to sell, the other wants to stay.
Just as in a marriage, if you have your name and another person's on the deed for that home, you both have to sign all of the paperwork to sell, unless the other person buys you out.
I have seen this before, a young couple purchasing together before they marry and then having the relationship go south. It is sad but everyone needs to remember, as far as the law is concerned, you are both responsible for that home. It isn 't like renting and moving on. As for advice, my advice is: "Get an attorney, I am a Realtor and not qualified to give legal advice."
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Hey C. Lloyd,
What an appropriate post for today's environment. Thank you for re-blogging. Best of continued success to you sir!
So sad, but true. Buying real estate, is a real committment. It's not something that one should take lightly. I've had friends buy homes on behalf of credit challenged friends, and subsequently the friendship takes a dive when the occupant stops making timely payments.
C. Lloyd, real estate is a big purchase and I have heard of unmarried couples take the plunge and purchase jointly. I guess one way to enter into this type of agreement would be to have an exit strategy in place before the deal is signed. It's similar to a prenup with a marriage and can make things easier, should a split occur. Good post!
C. Lloyd Thanks for the re-post. I am amazed what people were thinking. Undoing is a lot harder than the doing!
Thank you for the re-blog. Good luck and more success!
C. Lloyd and Barbara, great blog which I've never given much thought, but now I will, Good Stuff.
Have a terrific Friday and best wishes $$$, Bob
Good morning C.Lloyd.
A great re-blog.
Thank you.
Have a nice and productive weekend.
Excellent reblog C. Lloyd, keep up the good work. Contact C. Lloyd for all your NM real estate needs (505) 888-1700 he is an expert and a professional.
thanks for the reblog, Lloyd. I really appreciate this one!
C Lloyd,
Great reblog! I love it! Barabara Jo is quickly becoming one of my favorites on Active Rain!
Thank you all for your comments. Please be sure to stop by Barbara-Jo's blog and leave her a comment