Posted on: 02nd Mar, 2010 09:54 am
Hi, me and my girlfriend are in the process of buying a condo. Well she is doing all the main purchasing of the home since my credit is terrible. I can not be on the loan but I would like to be put on to the title of the home after purchase (I am bringing the downpayment in). How would I do that?
you can accomplish what you wish by use of a quit claim deed. please keep in mind that the mortgage she'll be signing will have a "due on sale" clause in it, which means that the transfer of title could require her to pay off the loan. often, borrowers don't report these things to lenders, and lenders don't go looking for trouble, so they just pass by unnoticed.
anyway...get legal advice on the proper way to accomplish what you wish, and you'll be fine overall. since you are not married, you'd be wise to put your arrangements in writing - who pays what, how things are divided, etc.
unmarried partners are wise to counsel with an attorney who can break down their legal standing in regard to each other, and who can counsel them on how best to structure their lives so as to be protective of each others' rights.
anyway...get legal advice on the proper way to accomplish what you wish, and you'll be fine overall. since you are not married, you'd be wise to put your arrangements in writing - who pays what, how things are divided, etc.
unmarried partners are wise to counsel with an attorney who can break down their legal standing in regard to each other, and who can counsel them on how best to structure their lives so as to be protective of each others' rights.