Posted on: 28th Sep, 2009 06:57 am
I have been trying to research information on property ownership and mortgages and have stumbled upon this site. I have learned a lot of good info reading through the blog entires but have not seen anything as unique as my situation.
My fiances parents own a house and also the mortgage for the property, they are elderly and have been having issues paying the mortgage. The mortgage is around $300,000 and the property is assessed around $750,000.
My fiance and i would like to help them with the payments but I just cant see myself investing money in a property that may one day be given to multiple family members.
Is there a way that we can establish ourselves with 50% ownership of the property that way if something does happen we will at least own a percentage of the property.
Also how do we make sure that once we acquire 50% ownership of the property that when the other 50% goes to my fiances's sister that we can buy her out, so we dont need to deal with lawyers, court and see it get ugly.
Is there a way we can put some sort of contract or agrrement together that will solve this?
v/r
Brandon
My fiances parents own a house and also the mortgage for the property, they are elderly and have been having issues paying the mortgage. The mortgage is around $300,000 and the property is assessed around $750,000.
My fiance and i would like to help them with the payments but I just cant see myself investing money in a property that may one day be given to multiple family members.
Is there a way that we can establish ourselves with 50% ownership of the property that way if something does happen we will at least own a percentage of the property.
Also how do we make sure that once we acquire 50% ownership of the property that when the other 50% goes to my fiances's sister that we can buy her out, so we dont need to deal with lawyers, court and see it get ugly.
Is there a way we can put some sort of contract or agrrement together that will solve this?
v/r
Brandon
You can ask your fiance's parents to sign a quitclaim deed and give 50% ownership of the property to you and your fiance's sister. You can then negotiate with your fiance's sister so that she can transfer the property to you. Signing an agreement in this regard can be a good option. You can contact an attorney and he would help you in drafting the agreement.
thank you for the response Niicss, what if we were to have my future mother in-law sign a quitclaim deed and give us 100% of the property would that be an easier route. Then what happens to the mortgage? And prior to this can we have our lawyer draft an agreement that we cannot sell the property without the consent of my future mother in law.
it would be easier route, provided your mother in-law is agreed to it.
you need to refinance mortgage in your name.
you need to refinance mortgage in your name.
quit claim deed only tarsnfer the ownership in the property
the mortage will remain the same. the person who has the mortgage in thier name still need to pay the monthly payment or the house will be foreclosed
the mortage will remain the same. the person who has the mortgage in thier name still need to pay the monthly payment or the house will be foreclosed
After quit claim deed you will be treated as owner. so you can sell it without asking any one
just wanted to say thanks for the feedback this is a great site...
Still continuing my research will seek advice here definetly when needed.
Still continuing my research will seek advice here definetly when needed.