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Guest

My boyfriend and I are hoping to buy a house soon (we have made an offer). Because of credit scores, the mortgage broker suggested that we put the loan under his name only in order to get a better interest rate. My name would only be on the title(along with his). I am worried that if we had to sell, I would not be getting my share of the money back. We both have equal amounts of money saved up for a down payment. In order to get the loan, I would have to "gift" the money to him. I want to know that I will have a legal right to half the house in the event of a break/up or sale.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

If your name is goign to be on the Title he will need quiteclaim from you to sell the property.

Only thign legally you cannot hold him responsible for the gift you are going give him for downpayment.

I would suggest have a legal agreemtn between the two of you, jst to keep the things clear and ther will be no confusion at the end.

Posted: Tue May 05, 2009 6:35 pm Post subject:

Welcome to the forum Allegra,

If your name will be on the title then he won't be able to do anything as far as selling the house without you being involved. So if anything were to happen to you two down the road then you could just set it up at the closing of the sale that any proceeds be split between the two of you equally.

But let's not talk about such things anymore. Why don't you just consider getting married?!!! If you are comfortable enough to buy a home with him than surely you love him enough to get married right???

Best of Luck!

smckaybiz · Posted: Tue May 05, 2009 6:36 pm Post subject:

Sorry, that was me!!! Rolling Eyes

Welcome to the forum Allegra,

If your name will be on the title then he won't be able to do anything as far as selling the house without you being involved. So if anything were to happen to you two down the road then you could just set it up at the closing of the sale that any proceeds be split between the two of you equally.

But let's not talk about such things anymore. Why don't you just consider getting married?!!! If you are comfortable enough to buy a home with him than surely you love him enough to get married right???

Best of Luck!

Guest

Yes, we hope to get married soon, but we might not have time if our offer is accepted on the house.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Have you talked to yoru biyfriend about this, so that way you both are clear and do not go with any assumptions.

But getting married will solve lot of problems.

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Name on Title, but not on loan?