The presumption is also based on the reality that agreements between family members are generally not negotiated or negotiated. The presumption may, however, be rebutted by evidence. Therefore, a contract between family members is applicable if it is demonstrated that the parties intend to establish legal relations with the contract. This presumption could be rebutted by evidence that, although the parties are family members, the contract was concluded or performed in economic circumstances. As Professor John McCamus put it, “[t]he commercial arrangements between family members may clearly be intended to create binding agreements” (John D. McCamus, The Law of Contracts, 2nd ed at 133). You will intend to speak to a real estate lawyer to review real estate issues with you and also help you with an agreement that you would both sign to take into account other issues related to your condominium on the building. Some questions to consider are what happens at home if one of you dies, becomes unable to work, has a shortfall, or wants to expand or renovate the house. Too often, unwarried buyers don`t prepare for possible pitfalls.
As Brian Koss, executive vice president of Mortgage Network in Danvers, Massachusetts, says, friends or siblings who buy together rarely think their relationships will run into trouble in the future. The 1993 Interim Agreement was signed after “almost two years” of negotiations and after 20 draft agreements had been circulated by the parties (paragraph 12). It`s good that you and your sister have a good relationship to buy a house together. Many siblings wouldn`t want to live so close to one another, let alone take on this kind of shared financial responsibility. If you take basic steps to formalize your relationship in relation to this purchase, it will help keep the financial side of the relationship separate from the emotional side….