How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55311
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Type Your Real Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year 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 1 year 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.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Related Real Estate Law Questions