unmarried, taking title, living together arrangement

[zezee]

California, Pasadena. I am a single woman and am buying a home with my down payment and my good credit. My boyfriend (bad credit) and I will live in the home. He will make all payment for everything and also take interest and property tax deductions. Since I have made the down-payment and the loan is in my name, how, and at what point, can/do I add him to the title. We would want our previous property to be serate and no co-mingled with this property. He would like some security that after a certain amount of time he will also have the benefit of ownership, and, not be vicitim to being kicked out. What is the best contractural arrangement for this situation? Thank you. Also, I have a seperate trust for other assets & children and will not co-mingle them. He does not have assets but he does have children that he will exclude from any inheritance.What is the name of your state?

 

[temple]

Please Listen!!!

i understand where you are and applaud your success at financial independence....as i was there too...but please, please do not put him on the title! i beg you! you hv admitted he has bad credit. what if, for instance, sometime over the next 30 years he decides to file bankruptcy???? at that point he names you as creditor. you are stuck with the payments...for everything....and have no recourse....ever! then, since his name is on the title, the court has the power to sell the property with our w/o your consent, keep all the proceeds, and leave you with a mortgage and no home....! if there is no equity, you will still be faced with the cost of having to pay either he or the court for 1/2 of the MARKET VALUE of the house to pay off his interest and remove his name from the title! i am currently in that position, hwvr, i was also "giving" enough that i added his name to the previous property i purchased/paid off alone. NOONE CAN AFFORD EVEN THE POSSIBILITY THAT THIS MAY HAPPEN. if you still want to do it, AT THE MINIMUM, hve lawyers draw up the proper docs so that you will be protected IN ANY EVENT!

 

[seniorjudge]

zezee, what you are proposing is a recipe for a surefire disaster.

Don't do it.

 

[lwpat]

I agree. Keep the home your separate property and make the payments from your separate bank account. If it works out long term you can do something later.

 

[TinkerBelleLuvr]

She has an answer in her other post. this is a duplicate post.

 

[HomeGuru]

She has an answer in her other post. this is a duplicate post.

**A: but is it the exact same answer?

 

[moburkes]

https://forum.freeadvice.com/showthread.php?t=381563

She didn't like the answers that she received yesterday, apparently.

 

[TinkerBelleLuvr]

The post was in triplicate. Don't think she liked my answer either.

 

[HomeGuru]

Ok, now we know what happened.

 

[zezee]

thank you for your suggestions

Yes, I only had the one question but it came out in triplicate, I don't know why. Thank you, all, for your time and thoughts regarding my question. My boyfriend and I had originally intended to buy the property as joint tenants but his poor credit report stopped that. Because we are already into the escrow, I feel a bit of pressure to find an answer. I am asking everything I can think of. We are in mid 50's, serious relationship with marriage intentions. Again, thank you.

 

[HomeGuru]

Yes, I only had the one question but it came out in triplicate, I don't know why. Thank you, all, for your time and thoughts regarding my question. My boyfriend and I had originally intended to buy the property as joint tenants but his poor credit report stopped that. Because we are already into the escrow, I feel a bit of pressure to find an answer. I am asking everything I can think of. We are in mid 50's, serious relationship with marriage intentions. Again, thank you.

**A: you need to consult with your own attorney. Do not rely on the escrow attorney.

 

[sweetsoo]

protect yourself

Having been married a few times, the best thing that I could suggest is a co-habitation agreement. Put everything in writing that you can think of. Keep it up to date.

do not put his name on the property, but you could put an agreement to give him a percentage of any net profit if you were to sell it.

In other words, get a lawyer. Believe me it is worth the money.