Should I go in on this house purchase if my name is not on deed, loan or contract?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Should I go in on this house purchase if my name is not on deed, loan or contract?

His parents are buying house outright in cash. We are refinancing the house to pay them back their funds to their IRA immediately. In order to get the loan to pay them back, his mother is co-signing a loan because he does not have the income to get a loan but he has the credit. I do not have the credit but I have the income. So my name will not be going anywhere on the deed, contract or loan. I will be the one solely paying back said loan.

Asked on September 17, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

So you will not own the property (if you are not on the deed or title, you are not an owner) but you will be the only paying back the loan? That sounds like you have all the risk and downside, but none of the upside--for example, if the house is sold, you will not get the proceeds or profit from the sale, even though you paid the mortgage.  If you are not married to him, you could even be forced to leave the house and move out, since as a non-owner, you would have no right to stay there if the owners don't want you there. This does not seem like a situation you want. If you are going to be paying the mortgage then yes, you should be on the title and deed so that you have a right to the house--to live them, and to its value. If the won't put you on the title or deed, don't pay the mortgage.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption