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HOME SELLERS
Don&... |
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barnhead_seniors2008 | If my boyfriend and I buy a house, should both of our name be on the title if we're not married yet? |
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temphousingguy
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Well if he puts it in his name, and you break up, you don't own any part of the house. If it goes up in value, you dont make any money, but if it goes down you don't lose any money. I would put it in your name and have him pay you rent. :-) |
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golferwhoworks
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don't do this till you are married. I see these on this site all the time where one walks out and the other is stuck. But if you must proceed then yes both must be signed on the note as to make both responsible as well. That I would insist on
I am a mortgage banker in TN & KY |
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Paul in San Diego
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If you do this as an unmarried couple, both names should be on the title. And, consider owning it as tenants in common as opposed to joint tenants. Tenants in common means that each of you owns 50% of the house and you can sell your 50% without the other person's consent. Joint tenancy means that you both own 100% of the property as a single entity.
If you break up, being tenants in common will help both of you legally. Neither of you is tied to the property and either of you can sell your 50% interest independently. This prevents any squabbling over who gets the house or how you divide the property when you break up. Legally, it's already done for you.
Or, if one of you dies, your interest in the property goes to your heirs, not to a guy or girl you're not even married to. This can save a lot of legal probate hassles as your family members come out of the woodwork trying to stake a claim on your interest in the property the he now owns outright.
If you end up getting married, you can always file to have the title changed to joint tenancy. That way, if one of you dies, the other person automatically becomes the sole owner of 100% of the property. You also must now have the authorization of both parties to sell the property, should you choose to do so. |
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Big Sky 23
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Well, anyone whose name is NOT on the title has no legal claim to the property or equity. Meaning that if things go sour in the relationship and your name is not on the title, you have NO legal right to occupy the house and you receive NO equity if he decides to sell it. You can be left with no place to live and whatever money you have contributed to the equity is gone.
If you go through with this, make sure both your names are on both the title AND the loan so you can both access the mortgage account.
My wife and I bought a house together before we were married, and we put both our names on the title. Only my name was initially on the loan (our combined incomes disqualified us from some state loan programs), but we added her name to the mortgage after closing.
We had been engaged for almost a year by the time we bought the house and got married only two months later, so we weren't worried about breaking up. Otherwise, I would have a plan about how to settle this if it doesn't work out between you two. |
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alexofthesword
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No, I wouldn't even consider it. You're not married yet. If things don't work out, That could be a huge mess for you or him or both of you. You never know what will happen later in life. |
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maxmom56
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If you both buy the house, then you both should be on the title and on the mortgage. Additionally, you need an agreement in place setting forth what happens when you break up. You should both have your own attorneys and they should draw up the agreement. If you cheap out on this now, you will both pay your attorneys a lot more money in the future. |
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godged
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Sure.
I don't have any moral objection against you purchasing a house without being married. What I would strongly suggest is that you have a legally binding agreement regarding who is bringing what to the purchase, who is going to pay for what, what happens if you get married or break up, and what happens to ownership of the home if something catastrophic happens to one of you. (Keeps meddling family out of it) This is so much easier (and significantly cheaper) on the front end than trying to undo something down the road. |
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Mark C
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In NC you have to title the house in the names that are on the mortgage.
Being unmarried, I would do this in a partnership or tenant in common title, and have a separate agreement for the ownership in case you do not want to own the house together anymore.
A clause for a buyout is easy and will avoid problems if you break up and are mad at each other. An example would be, get 3 appraisals average them, then one can buy out the other for half, or both agree to sell for that price.
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Marysue
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Whoever takes out the loan gets to be on the title. In other words, the legally responsible party gets the house.
If you’ll both be borrowing, visit an attorney and get a simple agreement drawn up explaining what happens should your relationship end. Of course no one wants to think about that, but it make more sense to work out an agreement when you like each other than to be forced to duke it out without the benefit of divorce court if things happen to go south. I’m not implying anything about the status of your relationship. I’ve just seen too many people get burned in one of these situations.
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Martin A
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yeah if you are buying a home together then that is a commitment. so yeah defiantly both names on the title. |
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