Question on title

Hi, I am located in California, Los Angeles County. I have a pecilular question and my apologies if I am posting in the wrong forum. Please direct me to the correct one, if I am mistaken.

Anyway, I am buying a condo with my girlfriend. We've been together for a very long time, currently engaged and are going to be married probably in the near future. The down payment is coming 50/50 from her and me. We will have joint finances and the payment will be made by both of us. We are going to put ourselves on the title as joint tenants, which seems appropriate. However, today I spoke to my loan officer. The underwriter already has the loan and apparently because of my girlfriend's student loans, she is presenting a problem. The loan officer tells me that I can obtain the loan in my name alone, without a problem. Of course then I am singularly responsible for the loan, whereas the condo is in both names. Granted, there is an extremely high level of trust, love, knowing the person for years....etc, etc...
Still, things sometimes do not go as planned and people do change. I am curious, if hypothetically something was to happen, sometime down the road, with the situation where the loan is in my name and we are joint tenants.....would I have any legal recourse in that situation? Or the bottom line would be that I have the full loan, but only 50% of the property. Also, there won't be a prenup or anything along those lines. Thanks ahead for any advice.

[HomeGuru]

Originally Posted by tsavolog

Hi, I am located in California, Los Angeles County. I have a pecilular question and my apologies if I am posting in the wrong forum. Please direct me to the correct one, if I am mistaken.

Anyway, I am buying a condo with my girlfriend. We've been together for a very long time, currently engaged and are going to be married probably in the near future. The down payment is coming 50/50 from her and me. We will have joint finances and the payment will be made by both of us. We are going to put ourselves on the title as joint tenants, which seems appropriate. However, today I spoke to my loan officer. The underwriter already has the loan and apparently because of my girlfriend's student loans, she is presenting a problem. The loan officer tells me that I can obtain the loan in my name alone, without a problem. Of course then I am singularly responsible for the loan, whereas the condo is in both names. Granted, there is an extremely high level of trust, love, knowing the person for years....etc, etc...
Still, things sometimes do not go as planned and people do change. I am curious, if hypothetically something was to happen, sometime down the road, with the situation where the loan is in my name and we are joint tenants.....would I have any legal recourse in that situation? Or the bottom line would be that I have the full loan, but only 50% of the property. Also, there won't be a prenup or anything along those lines. Thanks ahead for any advice.

**A: hire an attorney to draft a partnership agreement.