I am buying a house with a colleague in California.
I am paying 80% and he is paying 20%.
He is going to live in the house, and pay rent for my 80% stakes in the house.
Is it at all legal?
Can I protect myself in a legally binding contract, that in case he defaults on rent for certain amount of months, I get to evict him and give him his shares back after deducting the over due rent?
- Who pays the property tax?
- Who pays the insurance?
- At a later time, can I decide to sell parts or whole of my share in the house without consent or informing my colleague?
Can I simply set this up in our contract and it is legally binding?