Posted on: 24th May, 2007 01:36 pm
Hi,
I own a house and my boyfriend is moving into it.
I would like to have the house as my responsibility, i.e. I pay the mortgage, I pay the property taxes, and he just pays me rent. Essentially, I plan to have this house as an investment for just me for later on, regardless if we move and buy a new house together.
Question: is the quit claim the right document and he will be the grantor and I am the grantee? where do I get a basic document? We are in California.
Thanks!
I own a house and my boyfriend is moving into it.
I would like to have the house as my responsibility, i.e. I pay the mortgage, I pay the property taxes, and he just pays me rent. Essentially, I plan to have this house as an investment for just me for later on, regardless if we move and buy a new house together.
Question: is the quit claim the right document and he will be the grantor and I am the grantee? where do I get a basic document? We are in California.
Thanks!
hi may,
welcome to mortgagefit forum.
i cannot understand as you already own the house why do you need to use a quit claim deed?
quit claim deed is used when someone who does not have ownership of the house is to be made a co-owner or to transfer the whole ownership to him.
your boyfriend currently has no rights on the house and will not have so until you give him yourself.
colin
welcome to mortgagefit forum.
i cannot understand as you already own the house why do you need to use a quit claim deed?
quit claim deed is used when someone who does not have ownership of the house is to be made a co-owner or to transfer the whole ownership to him.
your boyfriend currently has no rights on the house and will not have so until you give him yourself.
colin
"Hi,
I own a house and my boyfriend is moving into it.
I would like to have the house as my responsibility, i.e. I pay the mortgage, I pay the property taxes, and he just pays me rent."
As you currently own the house, you are responsible for all these payments like the taxes and mortgage payments. Is your boyfriend is asking to be made co-owner along with you?
I own a house and my boyfriend is moving into it.
I would like to have the house as my responsibility, i.e. I pay the mortgage, I pay the property taxes, and he just pays me rent."
As you currently own the house, you are responsible for all these payments like the taxes and mortgage payments. Is your boyfriend is asking to be made co-owner along with you?
I don't want him to be able to claim any interest on the house, if he is making payments. That's why I was thinking that he should quitclaim my house to me, thus removing any and all interest he might potentially have.
Hi May,
As he will just be paying rents to you he will not have any kind of ownership claim on the house.
Be rest assured about it.
Later on even if you purchase a new house along with him this present house will remain only yours.
I would also recommend that you to go through this page on quit claim deeds to know more about when they are used & its proper use: Transferring property interest through Quit Claim Deed
Miller
As he will just be paying rents to you he will not have any kind of ownership claim on the house.
Be rest assured about it.
Later on even if you purchase a new house along with him this present house will remain only yours.
I would also recommend that you to go through this page on quit claim deeds to know more about when they are used & its proper use: Transferring property interest through Quit Claim Deed
Miller
If he is just paying rent to me, is there any tax implications?
Since loan and title are in my name only, do I report the full interest and property taxes for tax purposes?
It's not really an investment or rent income, since he is moving in and I will be there too. How is it considered for tax purposes?
Since loan and title are in my name only, do I report the full interest and property taxes for tax purposes?
It's not really an investment or rent income, since he is moving in and I will be there too. How is it considered for tax purposes?
If you are not creating any formal contact making him a tenant using legal documentation for it, you might not be required to show it as rent received as there is not formal agreement between you two for it.
If you do not use the house as your primary residence and rent it would to someone then you have to show the rental income earned for tax purposes.
But you will actually be living along with your boyfriend and not renting it out to him so it is not rental income for you.
Miller
But you will actually be living along with your boyfriend and not renting it out to him so it is not rental income for you.
Miller
Thank you for your replies.
From what I understood, no quit claim deed is necessary because he is not on any house documents.
Does he have any potential legal right to the house if he can prove he was making payments?
From what I understood, no quit claim deed is necessary because he is not on any house documents.
Does he have any potential legal right to the house if he can prove he was making payments?
Hi May,
It is correct. As your boy friend is not on house documents he cannot claim to have any ownership interest over the house.
Just because he is making rental payments to you he will not get rights on your house.
Do let me know if you have any other questions.
Thanks
Blue
It is correct. As your boy friend is not on house documents he cannot claim to have any ownership interest over the house.
Just because he is making rental payments to you he will not get rights on your house.
Do let me know if you have any other questions.
Thanks
Blue