Posted on: 09th Nov, 2008 11:55 am
My brother, sister-in-law and I own a home. Deed shows 50/50 ownership. All 3 names are onthe mortgage. We need an agreement between ourselves to promise to pay our portion. What would the agreement look like?
Hi jonie1nj!
Welcome to the forums!
The deed itself is a proof that once the property is sold, all those mentioned in the deed will get the money from the sale proceeds. I don't think you will require another agreement for this. However, to be on the safer side have a word with an attorney.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
The deed itself is a proof that once the property is sold, all those mentioned in the deed will get the money from the sale proceeds. I don't think you will require another agreement for this. However, to be on the safer side have a word with an attorney.
Feel free to ask if you have further queries.
Sussane
The deed makes you all owners. The agreement to pay exists if you all signed the Note as one of the mortgage documents signed at closing.
If you are all on the Note, the lender cares about whehter or not they are paid in full and does not care whether or not you each paid your fair share as you each require of yourselves. If payment is not made in full, the payment will be reported late for all three. While you can each write separate checks to the lender for your fair share, perhaps, if not already done, two of you pay the third and third writes one check to the bank each payment due. Of course, the two are relying that the last one makes the payment.
Work out whatever system you all agree to.
The deed covers ownership and the Note covers required payments.
If you simply want an additional agreement for some reason, write it up and all sign it.
If for some reason you want or need something "more leagl and binding", you have to consult an attorney.
If you are all on the Note, the lender cares about whehter or not they are paid in full and does not care whether or not you each paid your fair share as you each require of yourselves. If payment is not made in full, the payment will be reported late for all three. While you can each write separate checks to the lender for your fair share, perhaps, if not already done, two of you pay the third and third writes one check to the bank each payment due. Of course, the two are relying that the last one makes the payment.
Work out whatever system you all agree to.
The deed covers ownership and the Note covers required payments.
If you simply want an additional agreement for some reason, write it up and all sign it.
If for some reason you want or need something "more leagl and binding", you have to consult an attorney.
i am trying to find an agreement for utility bills between three people one is myself, the other is my husband, and last but not least is my brother. They are both living here for free leaving me to pay all the bills alone, and i am sick of it. I have five children to take care of, so this situation has gotten way out of hand. can you please help me.
Hi Christine Woods
You can contact an attorney and draft an agreement wherein all the terms and conditions of paying the utility bills will be noted. Three of you can then sign the deed and also get the signatures of the attorney. I think this will help you.
Thanks.
You can contact an attorney and draft an agreement wherein all the terms and conditions of paying the utility bills will be noted. Three of you can then sign the deed and also get the signatures of the attorney. I think this will help you.
Thanks.