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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53721
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My good friend bought a home in Vermont. I gave her 33% of

Customer Question

My good friend bought a home in Vermont. I gave her 33% of the cost of the house. The house is in HER NAME only due to existing circumstances. We have a NOTARIZED written agreement agreeing that we both have a vested interest in the property. Am I protected legally?
Submitted: 7 months ago.
Category: Real Estate Law
Customer: replied 7 months ago.
Oh, my brother ALSO gave her 33% of the cost of the house. I want to be sure HE is protected as well. IE: IF she decides she doesn't want to live in Vermont or ends up in a Nursing Home, I want to be sure that we don't lose our vested interest in that property.
Expert:  Richard replied 7 months ago.

Good afternoon Jackie. My name is ***** ***** I look forward to helping you.

You are protected against your friend, but since your agreement is not recorded there is not any public record of your interest. So, if she were to sell or refinance the house, the buyer or lender would have no notice of your interest and she could walk off with the proceeds. You would have a claim against her, but not the lender or the buyer (and thus couldn't go after the property). So, what I would suggest you do is record your agreement in the real property records of the city/county in which the property is located so there is public notice to prospective buyers or lenders of your interest in the property.

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