Q: What sort of contract will guarantee me compensation for money put into a house I don't own?
My boyfriend is buying a home we will live in together. The loan is VA so I can't be on the title until we are married, but I don't want to invest money into renovations if I have no legal rights to it. Is there any sort of contract we can create and sign that promises to pay me back a portion of the money I might spend on the house if we break up?
A: I always counsel boyfriend/girlfriend client situations to ask themselves what documentation would they want if the other person were not your boyfriend/girlfriend. It is a mistake to think that the status of boyfriend/girlfriend has anything to do with the commercial arrangement of loaning money. Most certainly, the social status does not provide you with adequate protections or any secured interest. In my opinion, you need a promissory note with a security interest.
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