Dear Happylam,

I am glad that you are independently able to financially secure your own home. I do not see any complications with this. However to prevent any misunderstanding, before you purchase you should discuss with your attorney what you need to do to protect your interests.

Once you find a property to purchase, you will need an attorney to represent you at closing. Since you are not married it should not be too complicated for you attorney to draft a basic agreement that lays out specific terms and conditions to your situation. This is not an uncommon concern, especially with real estate purchases.

I would be happy to assist you in your future purchase. Please call me if you have any additional questions, good luck.

Nirmala Caraballo
Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
E-mail: nhcaraballo@yahoo.com

Sure you can do it.

I'm not a lawyer, so this isn't legal advice. For legal advice, contact a lawyer. However . . .

To avoid any "misunderstandings" or issues in the future, it'd be advisable for you to have some sort of paperwork at the inception. Not sure if something along the lines of a rental agreement (making clear that any money paid is for rent) or something specifically stating that your partner is not acquiring an equitable interest in the property . . . almost like a pre-nup . . . is preferable.

Check with a lawyer to see what the best document would be. Other than that, though, what you're trying to do is not only possible but advisable.

Hope that helps.

No Problem!!!! Go for it!

As long as your credit and earning power can get you a mortgage, you can set it up any way you choose. And...I think you are VERY smart doing it this way.

Just make sure you can cover the payments should you not at some point have an additional person contributing to them.

Let me know if you need any further assistance or referrals for mortgages, Realtors in your area, etc.