What will happen if we get a co-signer on our house?

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What will happen if we get a co-signer on our house?

My fiance and I are first time homebuyers but he has no credit. His mom

wants to co-sign the house but she has already co-signed for another family

member and she owns her own house. Will our taxes on the house go up?

Asked on September 16, 2018 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, taxes are not dependent on how many people pay for or buy the house, or whether any of those people own or have cosigned for other properties. Property tax is based on the house's value, not the people buying it. If she signs the contract of sale and ends up on the deed or title, bear in mind that she will be an owner of the house alongside you and your fiance: she will be a 1/3 owner of your home. She will have the right to enter or stay in it at will (you can't keep an owner out of her property); when it is sold, she will get 1/3 the proceeds or proft; etc.


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