Posted on: 22nd Feb, 2009 11:51 am
My friend and I want to buy a home, can we purchase it together? Also, can it be put into a living trust?
Hi shycat,
Yes, you and your friend can definitely purchase the property together. In that case, the lender will look after your as well as your friend's credit report.
As far as living trust is concerned, I think you will be able to do that. You will have to consult an attorney to draft the documents regarding the living trust.
Thanks
Yes, you and your friend can definitely purchase the property together. In that case, the lender will look after your as well as your friend's credit report.
As far as living trust is concerned, I think you will be able to do that. You will have to consult an attorney to draft the documents regarding the living trust.
Thanks
"here are also some negative aspects to a living trust in the United States. Beneficiaries do not save on federal estate or state inheritance taxes. Setting up a trust may be expensive, and the expense is immediate, not delayed till after the grantor's death. But, in the long run, depending on the circumstances, the expense is usually substantially less to set up a trust and the estate administration is generally much faster when compared to probate."
Living trust is good option but b4 going for this plz look into the above aspect also.
as far as purchasing the property on both person's name is concerned, yes you can go for it. :wink:
Living trust is good option but b4 going for this plz look into the above aspect also.
as far as purchasing the property on both person's name is concerned, yes you can go for it. :wink:
two separate individuals can certainly purchase a home together. a trust would need to be that a lender can review and come to the conclusion that lending to the trust would not hinder its loan position.
