Posted on: 20th Jul, 2011 07:17 pm
Is it possible to accept money for a down payment for a house from a silent partner, family member, and have them give funds monthly towrads the house without their name on the deed or loan. And if it is, can they sue to prevent selling the property even if you arrange to pay them back. If they can sue will it stop or delay the sale?
Hi Guest,
You can accept money from a silent partner. However, you may have to prove that you're using a gifted money in order to pay toward down payment. You may have to provide a gift letter for the same. If the silent partner's name is not mentioned on the property deed, then that person won't be able to stop you from selling off the property.
Thanks
You can accept money from a silent partner. However, you may have to prove that you're using a gifted money in order to pay toward down payment. You may have to provide a gift letter for the same. If the silent partner's name is not mentioned on the property deed, then that person won't be able to stop you from selling off the property.
Thanks