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.