Updated on August 15, 2017
One of the most common fact patterns we see in our real estate litigation practice is an ex-boyfriend, ex-girlfriend, ex-fiancée, or ex partner who purchased property and then broke up with their relationship partner. The relationship break up also typically means that there has to be a break up with respect to the jointly owned property. Here are a few things to consider before buying property with a significant other:
We suggest discussing this ahead of time. Make sure to write down an agreement that both parties sign that governs the co-tenancy relationship.
See number 1 above. In reality, we recommend that parties enter into an agreement of co-tenants where you can discuss things like whether either party can force a sale (has an unqualified right to partition) or whether there is going to be a waiver of partition rights. The parties can agree to terms like a right of first refusal, a period of time during which the property cannot be sold, or even a mechanism for sale or a buy out.
Our real estate attorneys have extensive experience with real estate break ups where one party is not even on title. This becomes tricky. Usually, what happens in these situations is one party agrees to go on title because they have better credit but the other party contributes equally to the purchase of the property. Years or months later the parties end their relationship and the party who is on title tries to squeeze out the other party by denying their ownership interest and often times even attempting to evict them with an unlawful detainer.
We recommend both parties be on title – but if not, see number 1, above, and sign an agreement.
Our attorneys frequently deal with the real estate fall out from failed relationships where the asset of the relationship is real estate. For more information or to inquire about a free consultation contact us today at (310) 954-1877, email@example.com.
by Zachary D. Schorr, Esq.