Posted on: 21st Jul, 2009 10:40 am
I am in the process of buying a house with a partner. We will both be splitting the mortgage payment. The motgage will be in my name as I am the one with the good credit. The partner wants to be on the title as they are making half the payments. I dont know why, but part of me feels like the title should be in my name only as the mortgage is in my name. I'm not really sure what the best thing to do is. Any advice is appreciated. Thank you.
both of you can be on title as well as on mortgage. it will be a transparent case for every body
brian
Welcome to the forum
Sine the morgage is only in your name you are assumign bigger risk. But the partner aslo has bigger risk with out his/ger name on the title. You could sell the house with out his/her knowledge.
best thign would be to have some legal agreemtn between the two of you to protect you investment and time
Good luck and feel free to ask
Welcome to the forum
Sine the morgage is only in your name you are assumign bigger risk. But the partner aslo has bigger risk with out his/ger name on the title. You could sell the house with out his/her knowledge.
best thign would be to have some legal agreemtn between the two of you to protect you investment and time
Good luck and feel free to ask
well my partners credit does not warrant that unfortunately.
"best thign would be to have some legal agreemtn between the two of you to protect you investment and time "
ok. what type of agreement are you referring to?
ok. what type of agreement are you referring to?
You will need to contact an attorney
Some of thigns woudl be
Make sure the terms protect you and also your partner in case some one wants to sell the house or stop making payments
Good luck
Some of thigns woudl be
Make sure the terms protect you and also your partner in case some one wants to sell the house or stop making payments
Good luck
in my opinion, brian, you have to overcome your trepidation first if you wish to work this out to a mutually satisfying conclusion. if there's any lack of trust in this deal, you'll both truly struggle.
i don't know, of course, what geni is describing precisely, but i'd think that you would be well-served to discuss with an attorney some sort of arrangement that will allow you to protect yourself if you do decide to make the ownership of this property joint.
i don't know, of course, what geni is describing precisely, but i'd think that you would be well-served to discuss with an attorney some sort of arrangement that will allow you to protect yourself if you do decide to make the ownership of this property joint.
brian
Just do nto go blindly in to this deal
Looks the various posts on thsi forum, people have done such delas with some one and now they are trying to either sell the house or partner is trying to get out and having really difficult time
Treat this deal like a business and have some defined terms and agreement between you and your partner to have peace of mind for your future
lenders are happy to give you money when you and also the loan officers are happy to take thier commission. You need to protect yoru self for any possible problems
Good luck and feel freee to ask
Just do nto go blindly in to this deal
Looks the various posts on thsi forum, people have done such delas with some one and now they are trying to either sell the house or partner is trying to get out and having really difficult time
Treat this deal like a business and have some defined terms and agreement between you and your partner to have peace of mind for your future
lenders are happy to give you money when you and also the loan officers are happy to take thier commission. You need to protect yoru self for any possible problems
Good luck and feel freee to ask
well said, geni.
Way to go
you are gettign close to your target of 5000
you are gettign close to your target of 5000
thank you for the responses. well, i do trust my partner but I also live in the real world. Im sure 99% of people go into these arrangements have trust and best intentions and what not but sometimes life (ie *hit) happens. Ive been screwed over before on financial arrangements so I'd like to make sure my butt is covered. I guess I'm going to need to talk to an attorney. Who knows how much that will cost but I guess its worth it.
Good luck Brian
You are on right track
You are on right track