Contributing financially to a property not in my name
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Contributing financially to a property not in my name
I am buying an investment property with my boyfriend, but in order to keep my ability to apply for an FHA mortgage down the road, I am not putting myself on the mortgage or the deed. Is there a way I can protect myself if our relationship does not work out, since I am contributing financially to the property?
Asked on May 14, 2009 under Real Estate Law, Pennsylvania
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I suggest setting up an limited liability company ("LLC"). The LLC will be owned by you and your boyfriend 50-50. You will have an operating agreement drafted by a lawyer that will explain what happens if you guys break up and want to sell the property. The LLC will own the property 100%. if you guys break up, the LLC can sell the property and you and him will split the proceeds 50-50 (i.e. in accordance with your interests in the LLC). This way, you can have an ownership interest in the property and buy a home personally later on down the road and get the first time home buyer credit. Go see a lawyer in your area and explain this email and what you want to do.
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