Hi, I will soon be purchasing a home for my mother for half the appraised value. The loan will be in my name although my mother insists both our name be on the title. What does this mean for me should there be any dispute to the rights of the home later? I must add that me and my mother have a very rocky relationship.
2007-10-09 15:35:08 · 4 answers · asked by Michelle M 1 in Business & Finance ➔ Renting & Real Estate
If you both are on title, then both of you legally own the home together. Given that there is a rocky relationship, this can certainly cause issues down the road if you refinance or want to sell. If you do decide to have title in both your names, you'll have to choose how to hold title. I don't know what state you're from, but the most common ways of holding title is "Joint Tenants" or "Tenants in Common." There are many issues with holding title, but basically if you hold title as Joint Tenants, and you die, your mom will own the entire house. If you hold title as Tenants in Common and you die, your mom will still own half the house (but have rights to the use of it) and your half can be willed to whomever you want, and that person will then own the house with your mom. Of course, for more information about holding title, you would consult an attorney to discuss your particular situation. Good luck!
2007-10-09 16:31:10 · answer #1 · answered by Deborah E., San Diego Realtor 1 · 0⤊ 0⤋
If you take out a loan on a home your name must be on the deed if it is a site built home or the title if it is a trailer or double wide.
The finance company will not allow it any other way. This is for your protection as well as theirs.
If your relationship is that rocky with your mother you might be wise to reconsider what you are about to do.
Hope all goes well.
2007-10-09 15:45:07 · answer #2 · answered by Pamela B 5 · 0⤊ 0⤋
Tell Mom that since YOU are paying for the home, YOU will be on the title by yourself. That way, nothing untoward can happen to your interest in the property. (And if she goes off the deep end, you can always evict her. You can always evict a tenant, but you can't evict an owner!)
If she doesn't like the arrangement, tell her to find someone else to house her.
2007-10-09 15:44:12 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you ever decide to sell or refinance the home you will have to have her sign off on it so your hands will be tied. What is her reasoning for staying on title? Maybe offer to pay her more for the home to not be on title.
Good Luck
2007-10-09 15:46:29 · answer #4 · answered by fsbogonewild 1 · 0⤊ 0⤋