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Am I able to protect my investment into a home i do not own?

1 Answers. Asked on Sep 12th, 2016 on Contracts - Maryland
More details to this question:
My boyfriend recently purchased a home, solely in his name to benefit from the first time home buyer deals. I am already a home owner. I will be selling my home and using the profit to do upgrades & renos to the new home. IF things were to go sour, is there something I can get written up to protect whatever money I put into the home? If my name is not on the deed?
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Answered on Sep 12th, 2016 at 2:43 PM

Yes, you can have a contract with your boyfriend providing virtually whatever you want - that you are to receive a certain percentage of the profits from any sale, that you have a right to live there rent free until sale, that you are giving your boyfriend this money as a loan which he must repay with interest, and the loan will be secured by a security interest in the new home, etc.  Just be sure that the contract that you agree to meets all the legal requirements of your state.  I don't know exactly what these would be, but for starters you should make sure that the contract is in writing, and that each of you sign and have your signatures notarized.  There may be additional requirements depending on the exact agreement you make, so make sure that you understand and comply with all the necessary formalities.

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Contracts
Most people and business enter into contracts on almost a daily basis. Simply put, a contract is a legally binding agreement between two parties. One party makes an offer to do something in exchange for "consideration," or payment, and the other party accepts that offer. Contacts can be verbal, in writing or even implied. Some contracts--such as signed credit card receipts--are very simple. Others--such as those used to buy or sell real estate--are far more complicated. If you are entering into a complex transaction, it pays to hire a contract law attorney as early as possible in the process. Your lawyer can help negotiate the terms and conditions of the agreement, then draft the contract or review the contract that has been presented to you. Law firms with experience in contract law can also defend you if you or your company has been accused of breaching a contract, or if you need assistance enforcing a existing contract.
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