Contributing financially to a property not in my name
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Contributing financially to a property not in my name
I am buying an investment property with my boyfriend, but in order to keep my ability to apply for an FHA mortgage down the road, I am not putting myself on the mortgage or the deed. Is there a way I can protect myself if our relationship does not work out, since I am contributing financially to the property?
Asked on May 14, 2009 under Real Estate Law, Pennsylvania
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I suggest setting up an limited liability company ("LLC"). The LLC will be owned by you and your boyfriend 50-50. You will have an operating agreement drafted by a lawyer that will explain what happens if you guys break up and want to sell the property. The LLC will own the property 100%. if you guys break up, the LLC can sell the property and you and him will split the proceeds 50-50 (i.e. in accordance with your interests in the LLC). This way, you can have an ownership interest in the property and buy a home personally later on down the road and get the first time home buyer credit. Go see a lawyer in your area and explain this email and what you want to do.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.