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If you are Buying Real Estate with Someone Other than your Spouse, Have a Written Partnership Agreement.

When my clients are contemplating purchasing commercial or residential real property with another person who is not their spouse, there are many important issues for them to consider.  This blog will touch on some of the most important matters to be considered BEFORE PURCHASE.  When real estate transactions involve thousands of dollars, having a lawyer involved–before you sign any contract–is the smart decision to make.

 

Based upon over forty years of experience as a real estate attorney, here are my suggestions regarding real estate purchases by non-spouses:

  • Use a lawyer– BEFORE YOU SIGN TO PURCHASE!
  • Be aware that property that is jointly owned is subject to the claims of the other owner’s creditors.
  • Decide how the property will be used, who will maintain the property, and how will the expenses be paid.
  • Consider what will happen to the property if one of the owners dies or wants to sell.

 

Have your attorney prepare a written partnership agreement between the proposed co-owners addressing the issues mentioned above and any other special matters. If you have questions or concerns about buying real estate in the Fort Lauderdale, Broward County, Florida area, call Kim Douglas Sherman, Esquire, at (954) 489-9500.  Please look at our qualifications set forth on our website: Remember that once you have purchased property with someone who is not your spouse, it may be too late to address problems and issues that could have and should have been anticipated.  Get a lawyer to prepare a partnership agreement, before you purchase.

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Beware of the ‘Standard’ Contract!

I am often asked to review contracts for the sale of residential real estate–homes, condominiums, and cooperative units.  There are many forms of contracts in use, but beware of the contracts that are called “standard contracts.”  Just because a contract is printed, from a computer or otherwise, does not mean that its terms are required or applicable to your transaction.  Many times there are conflicting terms that can cause your contract to be unclear and to be unenforceable.  If you want to get the benefit of your bargain, do not be talked out of using a lawyer.  When real estate transactions involve thousands of dollars, having a lawyer involved–before you sign any contract–is the smart decision to make.

 

Based upon over forty years of experience as a real estate attorney, here are my suggestions regarding real estate contracts:

Use a lawyer–BEFORE YOU SIGN ANY CONTRACT!

  • If you are selling, have a provision that makes the Buyer purchase the property “as is.” This means the burden is on the Buyer to conduct a due diligence and necessary inspections. However, sellers must disclose defects that they know about.
  • If you are buying, make sure to have the right to conduct complete inspections and then get those inspections done by skilled inspectors.
  • A real estate broker or salesperson is interested in making the deal close, so that they can get paid. Your attorney’s job is to see that the terms of your contract are the same as the deal that you intend. That is a BIG difference.

 

Contracts should contain the terms that exactly match your agreement.  Beware of the so-called “standard” contract; cross-out what you do not want and put in what you want.  Just because it is printed does not mean that it cannot be amended.  If you have questions or concerns about signing a real estate contract in the Fort Lauderdale, Broward County, Florida area, call Kim Douglas Sherman, Esquire, at (954) 489-9500.  Please look at our qualifications set forth on our website. Remember that once you have signed the contract, you are bound by its terms.  Get a lawyer to review the contract before you sign.

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