How To Protect Yourself When Buying A Home With A Friend or Family Member
It is common practice for single homebuyers to pool their assets and incomes in order to buy a larger home than either buyer could afford on their own, separately.
In this video clip from The Today Show, Barbara Corcoran makes strong recommendations on how to co-purchase a home “the right way”:
- Hire an attorney no matter what
- Draft property and co-habitation agreements
- Consider term life insurance policies for each other
Although the piece highlights two 26-year-old women in New Jersey, the same co-purchase plan can work in any town, and with any two (or more) people.
The key is to protect your interests with a well-worded contract.
