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I would like to know how to go about transferring 1% of my current property to my boyfriend. I currently have a mortgage on my unit.

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Sorry I live in CT

chrisgummerson · Posted: Tue Jul 12, 2011 12:23 pm Post subject:

You can add interest to your title/estate...It would not affect the mortgage unless you sold your interest entirely without the banks approval. Have a title company draw up the proper deed to add your other parties interest.

gmakerley · Posted: Wed Jul 13, 2011 9:47 am Post subject:

I'm shaking my head, frankly. Transferring 1% of your property to your boyfriend is a very risky move. It's obviously not a situation in which you're feeling 100% about your relationship (it appears). If your home is worth $100,000 and you sell it, his portion of the sale proceeds would be $1000 if you had no mortgage; and much less, of course, if there's a mortgage being paid off.

Does he feel good about receiving 1%?

Here's a bigger risk than you might think. Anything you do with the property will need his consent if you take this step. If you wish to mortgage it, he'll have to be a party to that loan.

If you and he don't make it to eternity, you will still owe him something when you decide to sell the property (unless you work out an arrangement in the meantime for him to quit claim his ownership back to you).

There are too many hazards and no particular rewards for you to do this. Why cause yourself potential headaches?

gmakerley · Posted: Wed Jul 13, 2011 9:50 am Post subject:

I didn't specifically bring this up...

Married couples have an awful time of it when they divorce and find that it's necessary to make arrangements regarding the property they own. Singles who own things together can't even get together in a court of law (like divorce court) and hash out their issues...not to mention which once two singles part, the last thing they generally want to do is to speak with one another.

Posted: Thu Jul 14, 2011 5:07 pm Post subject:

Review paragraph 18 (assuming it’s a GFE mortgage) of your mortgage deed which does not distinguish between 1% or 100% of interest transferred. With such a transfer you risk acceleration of the debt.

18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, “Interest in the Property” means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for……….

Fannie servicing guide III, 408.02 gives some exemptions to due-on-sale transfer but girl friend to boy friend is not one of them.

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transferring 1% of property ownership to another party

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