Buying a home: Co-borrowing with a partner/family member

My partner and I are getting ready to buy an apartment together as co-owners. Right now, we’re looking at contract templates meant for a single buyer. I’ve been scouring the web, but I can't seem to find a solid example of what a contract looks like when two people are buying together... Do we both just list ourselves under the "Buyer" section, or is there some other specific way to handle this?

Thanks in advance for any help

analograven86 said:My partner and I are getting ready to buy an apartment together as co-owners. Right now, we’re looking at contract templates meant for a single buyer. I’ve been scouring the web, but I can't seem to find a solid example of what a contract looks like when two people are buying together... Do we both just list ourselves under the "Buyer" section, or is there some other specific way to handle this?

Thanks in advance for any help

If you're taking out a mortgage, one person is listed as the primary borrower and the other as the co-signer.
As for the deed, you'd both be listed as owners with a 50/50 split (if that's what you decide on).

Both of you are listed as the buyer in this real estate contract.

________, residing in_______, SSN______ (hereinafter: the buyer)

and

________, residing in________, SSN______ (hereinafter: the buyer)

and ... (the seller)

You're also both signed as the buyer at the end.

copperorca14

analograven86 said:My partner and I are getting ready to buy an apartment together as co-owners. Right now, we’re looking at contract templates meant for a single buyer. I’ve been scouring the web, but I can't seem to find a solid example of what a contract looks like when two people are buying together... Do we both just list ourselves under the "Buyer" section, or is there some other specific way to handle this?

Thanks in advance for any help

No offense intended, but I honestly don't get your logic. You're buying a home and you want to draft the contract yourself? You're trying to save maybe one $0.00 while risking a massive transaction and your entire life savings. Aren't there actual attorneys licensed to handle these kinds of contracts?

Where on earth can you find such deals near $333? My younger brother picked up a little house out in St. Louis about six months ago for $50,000—quite a steal!—but then the attorney representing two of the co-owners ended up slapping him with a bill for $1667 just to handle the contract. He bit the bullet and paid up, though, telling himself it was worth it since he didn't have to deal with any hefty real estate agent commissions in the process.

copperorca14 said:copperorca14

No offense intended, but I honestly don't get your logic. You're buying a home and you want to draft the contract yourself? You're trying to save maybe one $0.00 while risking a massive transaction and your entire life savings. Aren't there actual attorneys licensed to handle these kinds of contracts?

If you happen to know a lawyer who will do this for about $333, please, for the love of God, send them my way! Here's the reality: attorney fees for drafting these types of contracts usually run around 1% of the total contract value. That means for two measly pieces of paper, you're looking at paying at least $0.00. And believe it or not, just because you hire a lawyer doesn't actually guarantee they'll write a solid contract, unfortunately...

analograven86 said:If you happen to know a lawyer who will do this for about $333, please, for the love of God, send them my way! Here's the reality: attorney fees for drafting these types of contracts usually run around 1% of the total contract value. That means for two measly pieces of paper, you're looking at paying at least $0.00. And believe it or not, just because you hire a lawyer doesn't actually guarantee they'll write a solid contract, unfortunately...

TRUE! But let's be real, there's a much better shot at getting it done right by a professional than trying to DIY it yourselves. Plus, if they seriously mess up, you can actually sue a lawyer for malpractice.

I will honestly never wrap my head around why people don't look at the big picture; a few grand is nothing compared to the nightmare scenarios you face when you try to skimp on the paperwork for a house worth $500k-$1M just because you didn't want to pay extra for "only two pieces of paper." We aren't talking about buying a pair of sneakers here.

Personally, if I were a lawyer, I wouldn't even consider taking $333 for a contract like this.