If we are lending our daughter money to buy a house, should we put the house in just her name or should my husband or I put our name on it with her?

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If we are lending our daughter money to buy a house, should we put the house in just her name or should my husband or I put our name on it with her?

Asked on February 5, 2012 under Real Estate Law, Pennsylvania

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Do you want to be joint owners of the home with her or not? There are pros and cons to each:

1) If you are joint owners, you have control over what she does with the home (e.g. selling, financing); have more leverage to recover your money from her; and would be able to participate in any appreciation in value or equity, if and when the market improves.

2) But if you are joint owners, then selling, refinancing, etc. the home is much more complicated, since all of you are involved, have to qualify, etc.; if there is any debt owed by you or judgment against you, your daughter's home would potentially be subject to a lien.

Having you name on the home protects your investment, but limits your daughter's freedom and makes it much less her home.


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