Real Estate Law
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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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