Posted on: 14th Aug, 2010 07:32 pm
My fiance & I found a house we'd like to buy. Trouble is, I haven't been working for 2+ yrs (full-time nursing student) and he doesn't make enough to secure a loan on his own to buy the property. My father offered to loan us the money interest free but asked to have me as the sole name on the deed until further notice (no notice given). (He doesn't want to buy it himself and "rent-to-buy" to us because it will only increase his annual taxes.)
My fiance is very uneasy about this situation. My Dad is willing to draw up an agreement with his attorney that says any money my fiance puts in, he'll get back and that any additional equity over the sale price is ours (fiance and mine) to split evenly, but my fiance's name will not be on any documentation otherwise. Any advice?
My fiance is very uneasy about this situation. My Dad is willing to draw up an agreement with his attorney that says any money my fiance puts in, he'll get back and that any additional equity over the sale price is ours (fiance and mine) to split evenly, but my fiance's name will not be on any documentation otherwise. Any advice?
Hi kannstead,
A document can be drafted including the points which your father had mentioned with the help of an attorney. This document will protect the interest of your fiancé to some extent. However, if will be your fiancé's discretion whether or not he would be ready to sign such a document or agree to the contents of the document.
Thanks,
Jerry
A document can be drafted including the points which your father had mentioned with the help of an attorney. This document will protect the interest of your fiancé to some extent. However, if will be your fiancé's discretion whether or not he would be ready to sign such a document or agree to the contents of the document.
Thanks,
Jerry