QUESTION
Contract for home purchase between siblings.
Asked on Jan 10th, 2016 on Residential Real Estate - Utah
More details to this question:
My sibling and I are buying a house together. We are putting in different amounts of money upfront because I don't have as much cash as he does. I will live in the house and do all maintenance, he will live elsewhere but help with the cost of improvements and repairs. We want to draw up a contract where we can fairly divide the costs and value of the property when it comes to sale in the future. Any advice you can give me would be great. Thanks.
1 ANSWER
Family Law Attorney serving Salt Lake City, UT
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David R. Hartwig, Esq.
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My best advice to you is to hire an attorney to assist you.
Contracts between family members are examined very closely by the courts, should the court ever need to get involved. The issue is, was the contract entered into “at arms' length”. That means that there was no other familial influences involved -- that the contract was between two strangers. Obviously in a family setting that is very difficult and requires all sorts of warnings, disclosures, and drafting.
And, I would never trust trying to use a form that you might find on the internet. Your contract is one of those times where money spent now on real human work could save many times more money if there are problems in the future.
Do the best thing, and hire an attorney
Answered on Jan 11th, 2016 at 7:56 AM