Posted on: 14th Mar, 2007 05:36 am
Hi, I have a question. I am purchasing a new construction home with a boyfriend and I have put down a substantial amount of earnest money down for the home and he has put down nothing. We have both signed preconstruction contracts on the home and can't seem to back out of the contract. The question I have is what would be the best way to protect my interest in the home now that we are no longer together if I would like to occupy the premises since I did put the down payment on the home?
If you have ownership rights along with your boyfriend then your share of interest is secured and you can occupy the home.
If boyfriend is also named as owner of the house then he will also have a share of ownership in the house. In such situation he can transfer his interest to you so that full ownership rights get recorded in your name.
Hi Mammab,
I think both of your names on the property-title. In that case, you need not worry about your interest in property.
Even if you are no longer together, the deed to the property must have both of your names so that both of your interests are secured. Moreover, both of you need to make the loan payments in time, so that your interests in property are protected.
Thanks.
I think both of your names on the property-title. In that case, you need not worry about your interest in property.
Even if you are no longer together, the deed to the property must have both of your names so that both of your interests are secured. Moreover, both of you need to make the loan payments in time, so that your interests in property are protected.
Thanks.