Posted on: 13th Feb, 2008 12:15 pm
My boyfriend been living together for one year. He owns the house and pays the mtg. I pay one half of all utilities. We have been discussing paying off the mtg. , using my money but I am not comfortable with what we have discussed (for this lump sum, I would be entitled to 1/5 of the property and if he pre-deceses me, I would have to then purchase the remaining 4/5 share from his estate and if the relationship dissolves, I would be asked to vacate within 90 days and my investment would be returned without interest). I am wondering what type of arrangement would be equitable and safest for me to consider ?
wow...lots of stipulations there.
personally, if i were asked to pony up the money to pay off my domestic partner's mortgage, i would anticipate a partnership - not a dictatorship.
is this a relationship that is likely to continue?
i guess i wouldn't touch this arrangement with someone else's 10-foot pole.
personally, if i were asked to pony up the money to pay off my domestic partner's mortgage, i would anticipate a partnership - not a dictatorship.
is this a relationship that is likely to continue?
i guess i wouldn't touch this arrangement with someone else's 10-foot pole.
Hi Mary,
Welcome to the forum,
I think you ask your boyfriend to make you 50% owner of the property if you pay the mortgage off. Otherwise you will pay his mortgage but will not gain anything ultimately.
Best of luck,
Larry
Welcome to the forum,
I think you ask your boyfriend to make you 50% owner of the property if you pay the mortgage off. Otherwise you will pay his mortgage but will not gain anything ultimately.
Best of luck,
Larry
Welcome Mary.
To me, the deal doesn't seem to be much equitable for you. Say, for instance, purchasing 4/5th part of estate – I think it will cost you a lot. Instead if you can contact an estate-planning attorney and then explain him as to what exactly both of you need from the estate, I think that will work better for you.
Thanks.
To me, the deal doesn't seem to be much equitable for you. Say, for instance, purchasing 4/5th part of estate – I think it will cost you a lot. Instead if you can contact an estate-planning attorney and then explain him as to what exactly both of you need from the estate, I think that will work better for you.
Thanks.