Over the past few years we have experienced a new phenomenon in representing buyers. Individuals who are good friends, or couples who are not married, have reached out to express the desire to purchase a home. The Westside real estate market is so expensive that it is pricing out the single home buyer and people are doing what they can to invest in the market as opposed to paying rent.
Though the idea initially sounds good, it is extremely important to have a written agreement (often referred to as a tenant-in-common agreement) documenting all the terms of the parties’ agreement, including a way to terminate the agreement, before purchasing a property.
The LA times recently wrote an informative article about this trend among couples purchasing before they get married.