Should I go in on this house purchase if my name is not on deed, loan or contract?

His parents are buying house outright in cash. We are refinancing the house to pay them back their funds to their IRA immediately. In order to get the loan to pay them back, his mother is co-signing a loan because he does not have the income to get a loan but he has the credit. I do not have the credit but I have the income. So my name will not be going anywhere on the deed, contract or loan. I will be the one solely paying back said loan.

Asked on September 17, 2018 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

So you will not own the property (if you are not on the deed or title, you are not an owner) but you will be the only paying back the loan? That sounds like you have all the risk and downside, but none of the upside--for example, if the house is sold, you will not get the proceeds or profit from the sale, even though you paid the mortgage.  If you are not married to him, you could even be forced to leave the house and move out, since as a non-owner, you would have no right to stay there if the owners don't want you there. This does not seem like a situation you want. If you are going to be paying the mortgage then yes, you should be on the title and deed so that you have a right to the house--to live them, and to its value. If the won't put you on the title or deed, don't pay the mortgage.

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