If I am purchasing a home with my partner, how do I protect what monies I put up for down payment?

UPDATED: Mar 9, 2012

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If I am purchasing a home with my partner, how do I protect what monies I put up for down payment?

I am putting up the 20% down payment of a $415k home. How do I protect my assets should something happen to us or to me? I want this amount to go to my children should something happen to me. Should an agreement state that he is to buy my children out for X amount should I pre-decease him?

Asked on March 9, 2012 under Real Estate Law, Connecticut


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You have valid concerns. To address them I suggest that you and your partner enter into an agreement between each of you before the property is actually purchased stating each of your expectations with respect to the purchase moneys used and any appreciation. You should probably take title to the parcel as tenants in common. I suggest that you have a real estate attorney draft the suggested "partnership agreement" for this intended parcel as a safeguard.

Buy out provisions should also be mentioned in the document as well as possible sale of the parcel to a third person down the road.

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