Posted on: 03rd Feb, 2009 01:44 pm
My fiancee has a mortgage and we are going to put addition on house. I will be financing about the same as the mortgage is for so how do we go about owning house together
Hi,
It is a very good idea to have the ownership of the house together. Considering the situation you have explained in your post, I think you can opt for a Joint-Tenancy form of ownership which will allow you two to have equal undivided interest and rights to the property.
This form of ownership has the provision of right of survivorship which enables a joint tenant to have the rights to entire property to himself/ herself in case his/her partner passes away.
The joint tenancy agreement can also be terminated by a simple deed, after which the partners can live as tenants in the common form of ownership, own their individual interest in the property and they are free to sell their property-interest, whenever and to whoever they want to.
Hope, you will find this very helpful.
Take care & be happy.
God bless you.
It is a very good idea to have the ownership of the house together. Considering the situation you have explained in your post, I think you can opt for a Joint-Tenancy form of ownership which will allow you two to have equal undivided interest and rights to the property.
This form of ownership has the provision of right of survivorship which enables a joint tenant to have the rights to entire property to himself/ herself in case his/her partner passes away.
The joint tenancy agreement can also be terminated by a simple deed, after which the partners can live as tenants in the common form of ownership, own their individual interest in the property and they are free to sell their property-interest, whenever and to whoever they want to.
Hope, you will find this very helpful.
Take care & be happy.
God bless you.