Posted on: 19th Oct, 2010 05:53 am
Please let me know how do these things work. My partner is trying to get a loan in my name only but wants his name on the title deed of the property. What will be his share of responsibility towards the loan and what could be the potential benefits and drawbacks to me? Please also refer to the fact that we could go our seperate ways in future.
Hi,
If he wants to take loan on your name then you only responsible for make monthly payments of the loan & if he only on the property deed then he will be the sole owner of the property & that time you don't have any authors on property even you paying off mortgage.
In my opinion, this is not proper deal there are chances of the fraud or risk. Its depends on your relations & believe.
Take advice from your attorney & if you making deal keep him involved.
Thanks & Regards.
Gunz.ijjistaff :lol: :lol: :lol:
If he wants to take loan on your name then you only responsible for make monthly payments of the loan & if he only on the property deed then he will be the sole owner of the property & that time you don't have any authors on property even you paying off mortgage.
In my opinion, this is not proper deal there are chances of the fraud or risk. Its depends on your relations & believe.
Take advice from your attorney & if you making deal keep him involved.
Thanks & Regards.
Gunz.ijjistaff :lol: :lol: :lol: