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My girlfriend and I are buying a home for $50,000 cash to

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live in. I have outstanding...
My girlfriend and I are buying a home for $50,000 cash to live in. I have outstanding judgments of $200,000 plus, I was a home builder and went through a divorce too, and lost everything and many foreclosures on rental property, this the judgements. Her attorney told her not to put the property in my name also in case it got sold, which I understand. I'm be filing bankruptcy soon, but until I get my financial mess straight, I still want to buy this house. If she buys it in her name only and I have my money in too, how can I protect my half of the investment where she can't just kick me out and keep my half, which is doubtful, but I want to be covered. I was thinking she could let me place a lien on the property for half. I could still get kicked out, but shed owe me $25,000. We are in N.C.
Submitted: 1 year ago.Category: Real Estate Law
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1/12/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 28,735
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Good afternoon. I certainly understand the situation and your concern. Since she has an attorney, it is clear she wants to protect her legal interests. As such, you should do the same. If you are going to be putting up money and want to share an interest in the home, then you want to retain counsel to draft an agreement and have her sign it, evidencing the same. This way, it can be outlined and agreed upon that there is a 50% shared ownership interest in it, that if it is sold, any profits will be divided 50-50 and that you have a legal right to stay and reside there. I understand the issue with her possible kicking you out if she was only on title, so you may want to address that as well. If it got to that point, it would be hard for you to both live there, under the same roof, so you may want to go as far as add conditions which could force the sale of the home, if you were to break up and were no longer together, for X period of time.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

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Customer reply replied 1 year ago
this agreement would be legal binding even though I am not on the deed?? Is there a specific name for an agreement like this. She has talked to two attorneys and both have said I couldn't own half of it safely. Would this agreement protect me?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

With those judgments and other issues surrounding you, it is certainly an issue with you owning it safely. However, you do want to be afforded some protection, for the money which you are at least putting in, so you could possible structure this agreement as an investment/loan that would entitle you to the money back plus a %, if sold. If she is on title, she would be the sole legal owner, which you are aware. But if you can at least evidence the money you are providing and giving and investing, it could protect you and show you have a share in the profits.

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Customer reply replied 1 year ago
Up until my divorce, I lived in a $500,000 house, drovd new cars, had 40 rental properties, and owned everything with wife and she just quit signing anything so lost it all. Only saying this because I'm not worried about getting anything other than what I put in this place, no profit or interest, because it is just a cheap house, but I want to keep her honest. Therefore my reasoning for possibly having a lien on it, and it have a due date and just bump that date out yearly or bi-yearly. Would the agreement and a lien both work the same way? Sort of?
Customer reply replied 1 year ago
maybe have a buy out clause where either can from the other. Or if lien is in place, that would be her buy out clause?
Customer reply replied 1 year ago
I guess what is easiest, simplest. Even with an attorney.
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

She would need to agree to this but if your goal is to keep her honest, you could enter the agreement as a loan/investment with a return if and when it is sold and based upon other conditions, to protect your money. You can likely secure the money with the home as collateral but it may be hard to place a lien on the home directly.

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Customer reply replied 1 year ago
Thanks for your patience. How can I secure the money with the home without a lien? Would just an agreement hold up? Thanks.
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

You are welcome and just please remember when we are done, to rate my help at the top. You would want to try and collateralize the home. Essentially, you want to ask the attorney to draft an agreement, whereby you loan her X and whatever terms and conditions you want to add and then as a result, secure the money by the interest in the home, which you could force a sale, if she does not pay this back. The attorney is going to have to be creative and structure this in a way to protect you. Tell them your intent and what you are concerned about and they can draft an agreement that at least protects the money you are putting up

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 1 year ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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