My husband's father would like to name my husband as partial owner on his completely paid for home. We are still renter's. Is there anything that could be bad about this when we go to buy a home of our own?
2007-10-21 10:52:31 · 3 answers · asked by Mrs. D 2 in Business & Finance ➔ Renting & Real Estate
Its possible to have a lien placed against the property. As an owner, you may have to share in that liability even though it was based on the action of other owners. Finally, if someone were to get hurt on the property, the liability and a possible law suit would be placed on all owners.
Of course these are only the negatives, its a lovely gesture, but you should put these questions to an attorney
2007-10-21 11:09:13 · answer #1 · answered by Anonymous · 1⤊ 1⤋
No assuming that the home is paid off. It shouldn't affect. If they take a loan out- which would require all signatures- then it could affect you ability to purchase down the road.
The reason that he was most likely planning to do this is for estate planning. You husband will own his part of the home when his father dies and won't have to pay taxes on that- or something like that.
2007-10-21 17:59:28 · answer #2 · answered by Angela S 3 · 0⤊ 0⤋
By being co-owners of a property you both would be in a position where the other party could lose the property for the other. For example if you father in law was in a car accident and was found a fault the victim could sue him and since the property is in his name also, it would be considered an asset and the court could order him to sell it to satisfy a civil suit. You would have to sell your half also, but you would get the proceeds from your half. As for buying a house it shouldn't affect getting a mortgage because you aren't making payments on it since it is paid off.
2007-10-21 18:06:29 · answer #3 · answered by shootingsportsnw 4 · 1⤊ 1⤋