my gf who lives in canada wants to purchase property, i am a uk resident i will help out with the mortgage, what can i do to protect the funds i put in as i will have no right over the property, should i get a solicitor to draft an agreement stating i will pay x per month and if we break up i will beable to claim the final sum against the property is there any other way
2007-01-04 05:12:55 · 4 answers · asked by johnny 2 in Business & Finance ➔ Renting & Real Estate
You can certainly register a "share" agreement on title, but it will be expensive. Your contributions will not be returned in full, unless the property is sold and it makes money on the original investment.
Otherwise, taxes, mortgage interest and so on will reduce the value of your contribution, to only a few dollars each month.
Now place that against the cost of preparing and registering an agreement, which will be about $2500.00 dollars Cdn.
2007-01-04 05:20:40 · answer #1 · answered by Boston Bluefish 6 · 2⤊ 0⤋
Yes you should talk to a lawyer(yours and someone in Canada to find out the laws) first before you start making payments. Perhaps she will be willing to sign a contract. Otherwise you will be out in the cold if you split up.
I believe the only way around this is to have the two of you sign an agreement.
2007-01-04 05:22:21 · answer #2 · answered by MsCatie 3 · 0⤊ 0⤋
Property taxes are not uniform in the U.S. Each place sets is own property tax rates. It is cheaper in some places in the U.S. and more expensive in others. In the particular case of California, property taxes are based on the value of the property when you bought the property, not the current value, so owning property that you bought in California in the 1970's is cheaper, but owning property that you bought in California in 2007 is more expensive.
2016-03-29 07:31:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This not sound good to me, but, it your life. Talk with a Lawyer IN CANADA!!!!!!!
2007-01-04 05:22:03 · answer #4 · answered by Snaglefritz 7 · 0⤊ 0⤋