Word: marefat
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Families, though, are built for mingled finances. Friendships, we're told, are not. "My parents were very nervous," says Tanja Gabrovsek, 35, a nurse who bought a three-bedroom row house in San Francisco with her friend and colleague Simin Marefat, 34. Signing a mortgage means you're on the hook financially; the bank doesn't care if you're not the one whose check is late. So what happens if someone loses a job? Or wants to move...
Contingencies like those are why Gabrovsek and Marefat have a 25-page agreement that spells out everything from how they pay for home repairs (fifty-fifty all the way) to what happens if one of them gets married (the husband has no claim on the house) or dies (the surviving owner has the right to buy the other half before it goes to next of kin). "People are friends, and they're honest people, but situations change," says Andy Sirkin, a real estate lawyer whose firm crafted the agreement. "You need to be ready...
...Matt Sisto, two 24-year-olds, to look at a condo, it had a master bedroom and a second, smaller one. "We were, like, 'Who's going to get the master?'" says Dash. "We contemplated playing a round of golf for it." Or think about what happens every time Marefat or Gabrovsek wants to do some decorating. "We always ask, 'Is this O.K.? Is that O.K.?'" says Marefat. "If I were married, it would be much easier to say 'I like this. We're putting...
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