Posted on: 11th Nov, 2009 08:18 am
My boyfriend and I are buying a home. Although he will be putting the entire downpayment, I will be paying half the mortgage and bills once we move in. Recently, he asked my thoughts about putting only his name on the title for now. Once we get married, we would add my name to the titile. (We plan to marry next year - no date set). We discussed adding to his will or some legal document that I would be the beneficiary to the home, should anything were to happen to him (God forbid) before we married. I understand his thoughts, however I too will be contributing to half of the mortgae & bills of our home and want to reap the tax benefits. We both simply want to make sure that we are both protected should anything were to happen to our relatinship. How can we do this? Your thoughts please?
Do not cosign unless you are married!!! TRUST ME.
Hi Guest,
"We both simply want to make sure that we are both protected should anything were to happen to our relatinship."
If you want to make sure that interests of both of you are protected, it is better to keep both of your names on the property title as joint tenants with the right of survivorship. In case (God forbid) something happens to anyone of you, the other would be assured of the ownership of the house. The property will also not be required to be probated. The ownership will directly be transferred to the surviving joint tenant in such a situation. If you want to take advantage of the tax benefits for the mortgage payments, you can co-sign and add your name to the mortgage. However, you need to have good credit score to qualify as a co-signer.
"We both simply want to make sure that we are both protected should anything were to happen to our relatinship."
If you want to make sure that interests of both of you are protected, it is better to keep both of your names on the property title as joint tenants with the right of survivorship. In case (God forbid) something happens to anyone of you, the other would be assured of the ownership of the house. The property will also not be required to be probated. The ownership will directly be transferred to the surviving joint tenant in such a situation. If you want to take advantage of the tax benefits for the mortgage payments, you can co-sign and add your name to the mortgage. However, you need to have good credit score to qualify as a co-signer.
Jenkin is right... you must put on your name also on the property title....
we hear so many sob stories about those who buy a home with their "ex-boyfriend, -girlfriend, - partner, -friend, -lover....and the list goes on and on.
beware, sister guest...you both need as much protection as you can get. inasmuch as (God forbid) things happen to people all day every day, you can't be too careful in a matter such as this.
beware, sister guest...you both need as much protection as you can get. inasmuch as (God forbid) things happen to people all day every day, you can't be too careful in a matter such as this.
