Is it possible for different people to buy a house together and each to own one room?
Possibly, but the legal arrangements to make it work would be far more trouble than they're worth. While Dan Pepper notes Tenancy in Common below, that's still ownership of the entire parcel split evenly between all of the owners - it's an undivided percentage ownership of the property - each person would not "own one room" - they'd own a share of the entire property equal to either their financial contribution to the purchase or their equal division of the property by the number of owners, depending on how it's structured.The real problem with this idea is that there are parts of any house which aren't separate rooms - who owns those spaces? Who owns the kitchen, the living room, the bathroom, or the garage? And if one person "owns" it, do they have the legal right to exclude others' use of those spaces (if not, it's hard to say that they "own" the part of the property). And what happens when one of the "owners" sells their interest or part of the property to someone you don't like?It's just a bad idea all around to try such minute subdivisions of property - go with a tenancy in common or a joint tenancy, and make sure that the documents clearly spell out what happens in the event of a death or departure of one of the property owners.Oh, and hire a lawyer - these are not waters you want to try to navigate on your own.
My boyfriend and I are buying a house together in California, contributing equally to the downpayment and mortgage. What should we do legally or in writing to ensure fairness and mitigate any potential conflicts later on?
At the onset keeping the financials "clean" is fairly simple. The problem is that "life happens" and things do not stay the same. What if one of you loses their job for six months and the other carries the mortgage payment during that time? Do you have an agreement for the partner to repay you after getting a new job? Usually not.I think accepting that there will be issues and potential conflicts the longer you live together before breaking up, and this is true whether you are married or not. In the meantime, more conflicts arise from things purchased that are not part of the real estate, than from the real estate itself. Best to not share in the cost of new items like tables and chairs and TV's and bedroom sets. More conflict over "who gets the dog" as example than the division of the real property asset. The personal property is more often where the conflict lies and very difficult to keep good records of who owns what. Pets probably the most problematic.
What are the different kinds of joint home ownership scenarios for a married couple?
The best answer will depend on a few things. First, which state is the property in? Will it be a homestead? There are basically three types of ownership but the ‘name’ will be different from state to state.If you are joint owners, you most likely will own it equally (50/50). If one dies, their half automatically goes to the other. You can also own it jointly and set it up so that their half goes to their heirs. You definitely want to know if you are in a community property state to make this decision.Also, if the lender is using both of your incomes to qualify you for the mortgage they will care how you take title. There are certain types of ownership that will not allow for a traditional mortgage.I recommend that you ask a title attorney in your market area about the best way to accomplish your goal. If you’re making a purchase there is a title attorney involved already. They may be acting as a facilitator who can’t give you advice. However, they can answer your questions and you can use that information to make a solid decision. There is rarely a fee for this, just call and ask.Good luck!
Does an apartment owner in a multi-unit building own part of the building's land?
In the typical situation where one has purchased one's apartment in a multi-unit building, the apartment owner has two interests in land: the exclusive possession of the apartment itself, and an attached covenant that grants the apartment owner certain access to the building and grounds in exchange for a promise from the building owner that the owner will maintain the building and grounds. The owner of a single unit has no ownership rights of the land or of any part of the building other than the unit itself. If the building is demolished, destroying the unit without the owner's consent, the owner is entitled to compensation for the destruction of his or her unit from the person or persons responsible for the demolition.Not all single-unit purchases follow this scheme though; in a co-op the purchaser of a single unit typically also becomes a joint owner of the entire building and does have ownership rights (and duties) in the building and its grounds. Yet another approach sometimes used involves granting the unit owner an automatically-renewing joint leasehold in the building. There are a multitude of ways to structure these transactions, each of which has its own characteristics. It is therefore important when considering the purchase of a housing unit within a multiunit structure to carefully review the entirety of the proposed transaction so as to fully know exactly what you're buying.
What are pros and cons to having a spouse on the contract when purchasing a house?
I hope an attorney chimes in, but here are few better known advantages.You can take title as “Tenants in the Entirety” (TE) This is reserved soley for married couplesTE allows the property to transfer to the other spouse without probate should one pass awayIt could protect you in a lawsuit or other lien on property preventing a creditor from going after your home in a judgementThere are some other advantages from a legal, tax, and estate planning perspective. It is because of this type of tenancy that many same-sex couples have fought hard for equal rights so they qualify as married couples.There is one big Con though. In a divorce, it’s virtually automatic the value of the property will be divided evenly. So taking title in “Severalty”, as one person only could help protect the asset, but it is far from guaranteed.