QUESTION

I've co signed and purchase property w my boy friend what are my rights if we break up?

Asked on Jun 14th, 2017 on Residential Real Estate - New Jersey
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1 ANSWER

Anthony Van Zwaren
If you both co-signed on a house your rights are the same as any other two people who purchase a house together would be. Depending upon the wording of the deed, you would both be considered tenants in common with equal (50/50) rights. Neither can sell the property without the other's consent, and both parties would assume half the debts as well as half the assets in the house. Hopefully, you had an attorney review the agreements for you before signing anything, and I don't mean an attorney that your boyfriend retained for himself. Your rights are not the same as a married couple would have. Married couples usually share a house as joint tenants in common with rights of survivorship. What that would mean, for instance, if one spouse died, the other inherits the whole house by rights of survivorship. With tenants in common, if one party died, absent some other agreement like a will, the other party's half share would belong to his or her heirs. Again, I hope that you had an attorney when you entered into the agreement, because if you didn't you may have surrendered rights that you possessed.
Answered on Jun 15th, 2017 at 12:18 PM

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