I am buying a home based on my income and credit. My boyfriend will be living w/me. (We've been together 3 years). On some paperwork they mailed for me to sign, I noticed it had his income listed in the paperwork. Nowhere did it mention "co-owner or co-signer". It just had his name and income. Does this make him a partial owner?
The statement above his name was 'list all persons that will live in the home'. ..Just wondering. Thanks for your replies!!
2007-08-18 14:44:00 · 11 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Never buy a home without a lawyer to look over all the paperwork first. It's worth the extra money to make sure everything is down the line and that you are protected ~ the lender is going to tell a one-sided tale for their benefit, not always for yours.
Things to consider.
1) Only your name should go on the mortage and when you make payment each month, send a check with only your name on it.
2) If he moves out, can you make the payment by yourself?
3) All utilities should be in your name only ~ if he moves out, he can turn them off and it will cost you extra money to get them turned on again.
4) If taxes are paid separate from the mortgage payment, a check with only your name on it should go to the County.
5) Set a certain amount for him to pay you each month and you put that in your account for the bills.
6) Give him a receipt and you keep a ledger showing what he paid you each month and how you spent the money.
7) Keep receipts on any furniture/appliances you buy to show you bought them. Also take pictures of things you have purchased (just the bigger ticket items) so you have those to show what you bought and keep them with the receipts. Keep everything in a safe and secure place where your bf and others cannot get to them.
8) If you two split later under unfavorable conditions, you may have to go through court to have him evicted at which time, you need to protect yourself and your assets.
Unless you are married, you should never have a joint account, joint credit cards and you should never buy a house or car together. You may scoff but I guarantee, if you two split somewhere down the road, you will be thankful you heeded my advice.
2007-08-18 15:28:43 · answer #1 · answered by KittyKat 6 · 1⤊ 0⤋
Call the lender immediately and make sure of what you are signing. If he is listed anywhere on this paperwork, dependent upon the state you live in and the local laws, you could be making him a co-owner. Verify everything, and get it in writing before you sign anything.
I second the answer that said check with an attorney. If you live in a state with Napoleonic laws (NC and LA for two), as a female, if you put the man on the title/deed, you can do nothing with it unless you have his written permission to do so. In those instances you have ceded the property to him as you are little more than property yourself
2007-08-18 14:49:45 · answer #2 · answered by momatad 4 · 1⤊ 0⤋
Ask the place that sent you the paperwork if you can take his name off & see if it would make you ineligible to still purchase the house. If it does, then he can legally tie up your house for years until the court settles the dispute if he decides to push for his half. If you aren't married, then don't risk it. Have his name removed BEFORE signing any paperwork. Ask to have it AMENDED with your name only. What you do with your own house is none of their business, & once the loan is approved, you can move anyone into it, just as long as you are also living there (owner-occupied)!
2007-08-18 15:07:17 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Careful!
Some states have 'common law marriage`.
This can give your 'live-in` an interest in 'community property`.
He'd have to sue for it.
Do make sure only your name is on the Deed
and the Mortgage documents.
Do make sure that all payments are from a personal, (not joint), account.
Do check the local laws with an attourney.
2007-08-18 17:12:04 · answer #4 · answered by Irv S 7 · 1⤊ 0⤋
If you use a joint checking account to pay bills, or if he pays for things to maintain or improve the house, there's a good chance he'll be entitled to 1/2 the equity in the house should you break up.
You must keep all your receipts and you must keep very good records showing that you pay for and maintain the home by yourself.
You should not have a single joint account, of any kind, with this boyfriend. You should not have a single account where he's an "authorized user" on your account or where you are an "authorized user" on his account.
You're taking a big, big risk.
2007-08-18 15:54:36 · answer #5 · answered by Yak Rider 7 · 2⤊ 1⤋
RISKEY BUSINESS. You must contact an attorney in your state to be absolutely safe.
You may be giving up 50 percent of your equity in the end in the event 'something goes wrong'. The likelihood of something going wrong with a relationship like that is huge. Cover your backside on this. Spend $ on an attorney. No one else can give you sound advice on this matter.
2007-08-18 15:23:09 · answer #6 · answered by Me and 2 · 0⤊ 0⤋
No, it does not. However, you need to be VERY careful. The bank may indeed list him under the loan, which WOULD make him a co-owner, once the loan is paid off. (Until the loan is paid off, you do NOT own the house, the bank does.) Contact your lending institution immediately to make certain that he is NOT on your loan.
2007-08-18 14:57:12 · answer #7 · answered by cyanne2ak 7 · 1⤊ 1⤋
Who's names are going to be on the mortgage? If you only want it to be you, you need to correct this. Are they using his income to qualify you both? Talk to your broker to find out exactly what is going on. It is nobodies business who is living in the home with you.
2007-08-18 14:51:07 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Better check with a lawyer and get a contract set up with BF before you wind up paying palimony and/or lose the home.
I hope it does not happen, but you would be wise to protect yourself.
2007-08-18 14:51:13 · answer #9 · answered by oldsalt 7 · 2⤊ 0⤋
Only if his name is on the Deed.
2007-08-18 16:26:19 · answer #10 · answered by Anonymous · 0⤊ 0⤋