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Post Info TOPIC: Home Ownership and Rental Advice
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Gucci

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Home Ownership and Rental Advice
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Recently I got approved for a mortgage to buy my first place. I am now looking at condos to buy.

My SO is not in any position to buy or get a mortgage. So this will be my place that I own and he rents from me. Since he has to pay rent anyway, he may as well pay it to me and help me build equity for the future.

Can anyone give me advice on what I need to ensure that in case our relationship goes sour in the future, he can't try to take half my place? Should I go to a lawyer for a rental agreement or is it something I can do myself?

Advice please...


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Elle


Hermes

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He'll have no legal holding on the property whatsoever as long as his name isn't on any of the loan documents, though I'm not sure if he'd be entitled to a portion of your assets (like a home) if you were to get married and then divorce at some point in the future.

I believe you can find rental contracts online (might also available at office supply stores), but I only know of U.S. sites.  I think if you could find a standard rental agreement it should protect you from most things, though I imagine that because of your relationship situation, if a claim was ever to arise that he damaged something it might be difficult to prove/collect on, even with a contract.  Maybe you could also draft a document to cover those items specific to your situation, and sign it with a notary?

Congrats, btw!



-- Edited by Elle on Friday 25th of September 2009 03:15:25 PM

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