Dear Quentin, My boyfriend and I would like to move in together in the next year or so. He bought his house about a year ago, and he has paid off about 25% of it. We both would like for me to gradually become a partial owner. We do not plan on getting married.
You can be on the deed without being on the mortgage. This can be done through the title insurance company or property recorder’s office, and is usually a matter of filing some paperwork and paying a fee. It’s important to consult a real-estate lawyer before doing this, as clauses in mortgage contracts can require the loan to be paid in full if there are changes to the home’s ownership. Adding your name to the deed could constitute such a change, depending on the loan’s language.
If you were to agree upon a 25% stake for yourself, assuming that it’s open to renegotiation, you could sign a cohabitation agreement where you settle upon monthly payments and a stake in the home in the event that you split — including terms of a buyout or eviction should it come to that — or your boyfriend predeceases you. That would also include details on upkeep of the home, and how much you should pay if there was a need for a major improvement such as a new roof. It’s far from ideal.
State laws have more real-estate protections in place for married couples. Here’s how it works for married couples, which may be useful for you down the road. Typically, a married couple purchases a property as “joint tenants with rights of survivorship,” where they would each own 50% and would inherit the property upon the other’s death.
But having your own financial independence is at least one way to feel empowered in a relationship and lead a happy, successful life.
The best way is to refinance under both names pay him 1/2 of the equity he already paid into it with cash or other marketable assets. For ex. On a 1m home that he paid 250k on. Refinance the balance of the loan and pay him 1/2 of the equity he paid into it.
You don’t. It’s his house…not yours.
What? Ridiculous.
You don’t. Didn’t sign a contract don’t expect anything
By not moving in.