I will be paying part of the payment as me and my boyfriend live there but it will be in his name. If something happens to him, I need to ensure I recieve what I put in to it. Hes ok with that, but we dont know how to legally state partial ownership.
2007-05-01 05:10:58 · 9 answers · asked by M B 2 in Business & Finance ➔ Renting & Real Estate
Unfortunately, most mortgage companies won't allow that option. If you own the property then you are financially responsible for it. As such, if your boyfriend wills the property to you in the event of his death, there may be significant tax consequences and you would still remain financially responsible. On a more personal note, if you will be living with your boyfriend and paying on his mortgage, you might consider being listed on the title and mortgage both. I'm not trying to psycho-analyzer here, but it sounds like you want the privilege of home ownership, but not the commitment of sharing the financial responsibility with your boyfriend "Just in Case." If so, you should really consider whether you're paying for part of the house or just rent. If you really want to pay for part of the home, consider setting up some sort of financial agreement that governs the future of funds you pay into the mortgage. For example, if you and your boyfriend break up, then any portion of payments you've made to the principle would be owed to you. That way you're not on the deed and you're not on the mortgage, but you get money back if you split up. You might check with an attorney on how to do something like that. Best of luck!
2007-05-01 05:20:29 · answer #1 · answered by benread 2 · 0⤊ 0⤋
What most people refer to as a mortgage is actually a mortgage and note. It is not uncommon for someone to be in title, on the mortgage, but not on the note. You would have to be on the mortgage because that is the instrument that allows the mortgage company to take the house if the payments are not made. Since you have an interest in the property, you would have to agree to this. The alternative is to have him get the mortgage and then deed the property to the two of you jointly. Technically, the mortgage company could call the mortgage due upon this transfer but I have never heard of it happening.
2007-05-01 05:15:33 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Although he technically could quitclaim an undivided one-half interest in the property to you once the mortgage goes through and he buys the property, that could trigger the Due-On-Sale clause in the mortgage if the mortgage company wanted to get testy about it. That rarely happens but is something to consider.
Unless you are on the deed and the mortgage from the beginning, you have no way to protect your rights to any share of the property.
You should seek the independent advice of a local attorney to see how to structure the deal so as to protect your interests.
2007-05-01 05:24:09 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If the mortgage is in his name, the property is legally his and if you ever want a share of it you will have to take him to court and prove how much you paid and when. He may even challenge that and say what you were paying was rent to him for living there.
Good agreements make good friends. Insist your name goes on the mortgage deeds or pay nothing.
Any objections by him would indicate something fishy to me.
2007-05-01 05:25:10 · answer #4 · answered by Anonymous · 0⤊ 1⤋
I am a realtor, you need to ask your boyfriend if you can sign the deed to the house. This would grant you ownership to the house but in no way it would make you responsible for the mortgage. A local title company attorney can draft the deed and record it for you at the court house. It may cost 50-75.00.
2007-05-01 05:24:43 · answer #5 · answered by girly girl 2 · 0⤊ 1⤋
He could record a deed awarding you an undivided one half interest in the property. Your local title company can best advise you on the type of deed you need, a quit claim or a warranty deed, probably. The expense for htis is minimal.
2007-05-01 05:18:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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2016-11-23 20:11:24 · answer #7 · answered by ? 4 · 0⤊ 0⤋
You can go on the dde to the home without going on the morrtgage, which gives you ownership without being listed on the note. All that has to happen for that is you go to the closing and sign papers for the title closer and bring your license with you, they will need a copy of it for the closing file. Good Luck!
2007-05-01 05:22:22 · answer #8 · answered by novastarbanker 3 · 0⤊ 1⤋
You just need to be quick cliamed to title! That will give you undivided interest in the property! Depending on where you live, you may have interest already! In Illinios, you would have some rights to the property, if you have live with your partner for over two years in that property! Check your property laws!
But the most sure way is to quick cliam your name to title!
2007-05-01 05:44:05 · answer #9 · answered by Nicholas D 1 · 0⤊ 1⤋