I am purchasing property with my girlfriend. I would like a sample agreement
covering at least four major areas:
How much of the house does each of you own? If it's not 50-50, is
there a way for the person who owns less than half to increase his
share -- for example, by fixing up the house or making a larger share
of the mortgage payment?
How is title (ownership) to be listed on the deed? One choice is as
"joint tenants with rights of survivorship," meaning that when one of
you dies, the other automatically inherits the whole house. Another
option is "tenants in common," meaning that when one of you dies, that
share of the house goes to whomever is named in a will or trust, or
goes to blood relatives if the deceased partner left no estate plan.
What happens to the house if you break up? Will one of you have the
first right to stay in the house and buy the other out, or will the
house be sold and the proceeds divided?
If one of you has a buyout right, how will the house be appraised and
how long will the buyout take?
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