Not on title. Would a Co-Tenancy agreement help?

[chalete]

What is the name of your state (only U.S. law)? Florida

Hi,
A friend and I are going to buy a house together. I'm not going to be on the title because I have bad credit and my friend was approved for an FHA loan which requires you to be a co-signer or co-borrower to be on the title. Or so I was told. My friends mother let us borrow fifty thousand dollars for the down payment. We are planning on splitting all the payements 50/50. We are also going to repay her back monthly, splitting payments 50/50. I'm scared to invest any money in the property and then lose it all if we were to go our separate ways. My mother thinks its a horrible idea and told me to get a co-tenancy agreement through a lawyer. Is that enough security? Am I even "qualified" to get one? If not are there any kind of measurements I can take to protect myself?

 

[Antigone*]

What is the name of your state (only U.S. law)? Florida

Hi,
A friend and I are going to buy a house together. I'm not going to be on the title because I have bad credit and my friend was approved for an FHA loan which requires you to be a co-signer or co-borrower to be on the title. Or so I was told. My friends mother let us borrow fifty thousand dollars for the down payment. We are planning on splitting all the payements 50/50. We are also going to repay her back monthly, splitting payments 50/50. I'm scared to invest any money in the property and then lose it all if we were to go our separate ways. My mother thinks its a horrible idea and told me to get a co-tenancy agreement through a lawyer. Is that enough security? Am I even "qualified" to get one? If not are there any kind of measurements I can take to protect myself?

Your mother is right. This is a very bad idea. I even question the validity of the co-tenancy agreement you're considering.

 

[LdiJ]

Your mother is right. This is a very bad idea. I even question the validity of the co-tenancy agreement you're considering.

I second this...its a horrible idea. I would never do it and I would do everything in my power to stop my daughter from doing something like that. Its a bad idea in general to buy a house with someone you are not married to, but its just plain absurd to do it if you will not be on the title.