You are here:

Buying or Selling a Home/Buying a house with boyfriend, contract details?

Advertisement

Expert: - 6/11/2009


Question
My boyfriend and I (and our son) are closing on a house in a month. We have asked our attorney to put together an agreement as to who is responsible for what and what happens if we should break up, and he told us to write him an e-mail to explain what we want the contract to include. I'm not sure what details we should include. Any advice?

Answer
Hello Darcie - I apologize for the delay in my reply. When selecting an attorney it is imperative that they specialize in real estate. It is reasonable that you should proactively protect your interests in reducing future risk and exposure to litigation. Candidly, the attorney should be the one pro-actively asking these types of questions using these experience and study as a basis for asking these questions that you might not think of today but could cause significant risk and loss down the road. But, from the perspective of a real estate professional the items of concern might include, but obviously are not limited to: TAX - investigate the tax implications and effects as a first time homebuyer, FINANCE - Who is the primary income earner and who has invested most in the making of the monthly payment, the major improvement costs, or down payment, whose name is the primary borrower; OCCUPANCY - if you break up who remains in the residence, and for how long, how much will they pay the non-occupant, who will be responsible for the major repairs; MONEY - how much of the net proceeds will each receive after the sale of the residence, regardless of the situation which caused the sale; TITLE - Who will be on the deed and what type of ownership should you select (tenants-in-common with rights of survivorship, Community property with rights of survivorship, etc); PROPERTY INSPECTION - Condition at time of acquisition, condition at time of sale; right to conduct an inspection and the time period to investigate condition and mechanical, HVAC, plumbing, electrical, and structural items that may be deficient which would allow you the opportunity to investigate severity and latent defects; hazardous materials, lead-based paint, swimming pool barriers, area stigmatism, and the like; DISCLOSURE - seller disclosure statement, comprehensive loss underwriting exchange report, ability of the seller to perform... breach issues, potential for damages settlement and procedure, potential for loss of your earnest money should you fail to perform, contingencies on financing and inspection..., agreement of the parties to mediate before litigating... and so forth. There are many items that a professional REALTOR should be able to help you with and many items are already in the boilerplate of a state real estate association document as thought starters and to protect all parties rights. Failure to utilize these tools and legal forms may place you in additional and unnecessary risk. If you have questions regarding items with more specificity I would be happy to respond, just hit reply. Remember this is not legal nor tax advice as I am not an attorney nor a CPA, rather it is to be considered real estate information any professional REALTOR should be able to provide. I hope this helps. Todd

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Todd C. Menard

Expertise

National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders

Experience

National Association of REALTORS Board of Director (2011) Arizona Real Estate Salesperson License (1991-1995), Arizona Real Estate Brokers License (1995-Present), Arizona Association of REALTORS Board of Directors (2008-Present), Arizona Association of REALTORS Professional Standards Committee (2008-Present), AAR Certified NAR Code of Ethics and Professional Standards Instructor, Southeast Valley Regional Association of REALTORS President-Elect (2011) Southeast Valley Regional Association of REALTORS Board of Directors (2008, 2009), Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007), Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-Present), Southeast Valley Regional Association of REALTORS Education Committee (2008), Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005), Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008), Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009), Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009), Arizona Association of REALTORS GRI Curriculum Review Committee (2009), Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010) Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)

Organizations
National Association of REALTORS, Arizona Association of REALTORS, Arizona Real Estate Educators Association (AZREEA), Arizona Regional Multiple Listing System (ARMLS), American Notary Association, Southeast Valley Regional Association of REALTORS (SEVRAR), Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present), Phoenix Association of REALTORS (1994-2000, 2005-2009), Scottsdale Association of REALTORS (1994-2000, 2005-2009), Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),

Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine, Internet Crusade, RealTown ListServe, Blogger.com, Active Rain

Education/Credentials
- AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981

Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members), Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001), Top 15 Sales Production Keller Williams Realty International (2001), Top 5 Sales Producation Keller Williams Realty Southwest Region (2001), Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002), Who's Who in U.S. Executive (1983), Who's Who in U.S. Real Estate Professionals (2007)

©2012 About.com, a part of The New York Times Company. All rights reserved.