My boyfriend is looking to purchase a townhome. We are planning on living together. He suggested to me that he wants to put the home in his name, but wants me to help with the mortgage, but I would have no ownership. He says he doesn't want to co-own. But I don't want to feel like I'm paying rent to him to live with him in a house he bought. I think if I'm paying for a part of it I should have some ownership in it.
What are the different options one has in a situation like this?
Your answers are greatly appreciated.
2006-08-14 17:18:52 · 9 answers · asked by Squeegy 2 in Business & Finance ➔ Renting & Real Estate
You need to buy it jointly otherwise you are just a renter and have no rights to it.
I would suggest you put together a contract especially if he is putting alot of money down and will have equity that you have no part in.
2006-08-14 17:22:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Dear Erin:
If your boyfriend needs your income to qualify for the mortgage then you may be required to be on the note, deed and mortgage anyway. Other than that your options are fairly limited.
1. You can marry him because in many states, the principal marital residence becomes property of both parties. ( Check your state laws)
2. You could consider the fact that this may NOT be a permanent relationship. If it's not and you are tied together financially in this home, it could make for some pretty nasty situations. One casualty of this type of war is very often your credit.
3. Were you planning to live together prior to the talk of purchasing a townhouse? What was the financial plan? Were you going to split the living expenses? If so, then a solution might be to stick to the original plan with the rental amount.That way, you'll still be paying for your part of the expenses without incurring the extra burden of paying for half a mortgage that's not yours.
What ever you decide, please consider all angles carefully. I am sorry to say that I've seen too many credit ratings destroyed by breakups. Please understand that your credit score affects your interest rates, insurance rates and in some cases your ability to get a good job. I hope that everything works out for you!
Sincerely,
Anne
2006-08-15 00:56:55 · answer #2 · answered by amkornele 3 · 0⤊ 0⤋
The way you have described it you would have no ownership interest since he refuses to do a co-ownership with you. What you could do is draw up a contract that would state that your contribution to the mortgage is X amount, and that in case of a breakup he would be required to pay you the amount contributed plus interest. I think you would likely need a lien on the property to secure the amount as well. In all honesty, however, it sounds like your boyfriend has some serious issues and is just looking for help with the mortgage, not a committed partnership. I would think twice about moving in with him under those circumstances
2006-08-15 00:31:13 · answer #3 · answered by MCB 2 · 0⤊ 0⤋
The difference between owning and renting is usually in the down payment. If he is making the whole downpayment and he wants to put the mortgage in his name, then you would just be paying rent to him and have no claim to the house. If you throw in on the downpayment then you should probably be on title and be part owner. Bottom line, if you're name isn't on title then you don't own the place. However, depending on where you live, if you are together in the house for over a year (6 months in some places) you become common law and half of his stuff is yours anyway.
2006-08-15 00:27:39 · answer #4 · answered by LexLimo 2 · 0⤊ 0⤋
You're either a tenant, an owner or a lender. There are no other choices. If your money goes to help buy it then you either are legally entitled to be a co-owner or you must be listed as a creditor -i.e he has to pay you back. If you are to pay rent then no money goes to help buy it- but then you are just a renter and no money will go to help maintain it.
Either way, everything needs to be in writing before anything moves forward-no exceptions. You can't negotiate after the house is purchased.
2006-08-15 00:29:37 · answer #5 · answered by QandAGuy 3 · 0⤊ 0⤋
If you are living together then you are co owner, if he has a problem with that then you need a new bf. I don't think he would want to help you pay for a house and not have any ownership.
2006-08-15 00:23:05 · answer #6 · answered by Tessa 2 · 0⤊ 0⤋
you have several actually but they involve a partnership. but here is the real deal why would you help him pay a mortgage if you cannot get any value fro the investment of money overtime. screw that babe. get your own place and let him get his. the deal is that he doesnt want any common loaw stuff coming up and he is protecting HIS asset. permarital asset and all that. dont do it unless you have some sort of stake in the claim.
2006-08-15 00:23:16 · answer #7 · answered by gsschulte 6 · 0⤊ 0⤋
Basically, you have no recourse at all. If you want to own it, buy it together or not at all. Unless you are in a common law state, I would seriously think twice!
2006-08-15 00:24:21 · answer #8 · answered by KIMBO 4 · 0⤊ 0⤋
Form a partnership and have the partnership purchase the property. Make clauses for death, disability and departure.
Regards
2006-08-15 00:48:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋