Agreement between two parties for property purchase

TinCool

Hi All,

Hope this is the right place to post such a request. But I have bought a residential property with a friend of mine and am wondering is there some sites out there that offer example contracts between two parties when buying in to a residental property outlining timelines, mortgage repayments, expenses etc etc etc.

Thanks,
TC

Nuttzz

they are called solicitors, which is the proper way of doing things when buying something so big

kikel

Off topic sorry, What way did they work out the amount you could borrow for your mortgage? Was it 3x biggest earner + 1.5 the second.

TinCool

Nuttzz wrote:

they are called solicitors, which is the proper way of doing things when buying something so big

Thanks Nutzz for your words of wisdom.

kikel wrote:

Off topic sorry, What way did they work out the amount you could borrow for your mortgage? Was it 3x biggest earner + 1.5 the second.

Think there's some slight confusion here. Legal contracts have been signed pertaining to the property, mortgage has been approved and signed. what I'm talking about is a legal agreement between myself and the other party. I'm assuming it's not a standard document like a mortgage agreement.

I'm talking about stuff like, party a won't be liable if party b fails to pay his/her half of the monthly mortgage.

In 3 years time the situation will be reviewed to see if either party wishes to pull out, at such time the other party has the option to buy out etc.

That kinda of stuff.

Sponge Bob

askaboutmoney has a template agreement for two individuals in such a situation .

edit it yeerselves to suit your arrangements .

then hand it to a solicitor(s) , it will save the solicitor most of the legwork (=COST) of drawing one up from scratch

http://p200.ezboard.com/faskaboutmoneyfrm4.showMessage?topicID=2226.topic

Nuttzz

you will still need a solicitor, the only contract that will be a perfect fit for your situation will be one specificly drawn up for your situation, there are too many what ifs for you not to use a solicitor, e.g. what if you paint the house and want out in 3 years do you get paid for the improvement? who determins the value of the house in 3 years? a house may go on the market for €300k but end up selling at €315k after a bit of bidding. I wouldnt take any chances with this tbh

TinCool

Nuttzz wrote:

you will still need a solicitor, the only contract that will be a perfect fit for your situation will be one specificly drawn up for your situation, there are too many what ifs for you not to use a solicitor, e.g. what if you paint the house and want out in 3 years do you get paid for the improvement? who determins the value of the house in 3 years? a house may go on the market for €300k but end up selling at €315k after a bit of bidding. I wouldnt take any chances with this tbh

I'm very much aware of this but I wanted to see if there's some research I can do beforehand so that I'm more prepared for any meeting with our solicitor that will need to take place.

Thanks all for the advice.

Victor

You should each have a solicitor.

See also: http://www.boards.ie/vbulletin/showthread.php?t=173124

Maximilian

TC, you dope, you should have asked me! What you need is a co-ownership agreement. I'll do one up for you.