In Florida, it is not required, but it is wise to have an agent or attorney review your contract to ensure you are protected, especially when buying low-cost or distressed properties.
Depending on your state -- either a real estate attorney or title company. Buying a property requires the transferring the ownership -- it is more than the exchange of money for goods. You may want to consider a title search -- to make sure that this property does not have any liens, additional owners or unpaid debts. If you buy the home without clearing up these issues -- you may find yourself now responsible for covering any unpaid bills/liens or only own a part of it.
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Key Takeaways
Home equity sharing agreements let you get a lump sum of cash now in exchange for giving an investor a share of your home’s future value, usually with no monthly payments during the term of the agreement.
These agreements can help homeowners who are “house rich but cash poor,�