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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 23098
Experience:  14 years real estate, Realtor. Landlord 24+ years
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My boyfriend and I are thinking of buying a house. Since I

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My boyfriend and I are thinking of buying a house. Since I am currently unemployed, the mortgage will be in his name only. The plan is for each of us to provide 50% of the down payment for the house and for him to pay the monthly loan payments. He has two adult children. (1) Will a simple legal agreement as "joint tenants with right of survivorship" be fully sufficient to protect each of us in case of death of the other? (2) what type of legal agreement will provide me with 50% of the house in case we breakup?
Thanks in advance for your advice.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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(1) Will a simple legal agreement as "joint tenants with right of survivorship" be fully sufficient to protect each of us in case of death of the other?
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Yes, with a JTWROS designation in the deed, that means that should one of you pass, the other would instantly become the sole owner of the property. So should you pass, he would become sole owner and any money you put into the property would be his and vice versa.
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(2) what type of legal agreement will provide me with 50% of the house in case we breakup?
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If you took the house as "tenants in common" you would each own exactly 50%. If you passed, your 50% would go to your heirs. Same thing for him. The good thing about this is that you never lose your ownership interest like in JTWROS.
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If you took the house as JTWROS and then later broke up, you could then have a quitclaim deed drafted to convey the house from you to you and that would break the JTWROS designation and automatically convert it to a tenants in common ownership.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Customer: replied 1 year ago.



You’ve mentioned “If you took the house as JTWROS and then later broke up, you could then have a quitclaim deed drafted to convey the house from you to you and that would break the JTWROS designation and automatically convert it to a tenants in common ownership.” (3) If I did this in case of a breakup, then I lose any money that I have put to this house? (4)Does this mean that at any time, without breakup & without my knowledge, he can file a quitclaim deed and convey the house to himself and become my TIC? (5)In your professional opinion, what is the best way with the maximum legal protection for me in this purchase with my boyfriend? Thank you.

Expert:  Barrister replied 1 year ago.
(3) If I did this in case of a breakup, then I lose any money that I have put to this house?
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No, not at all. It is the exact opposite. You actually preserve your interest and ensure that your 50% ownership continues and would pass to your heirs should you pass.
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(4)Does this mean that at any time, without breakup & without my knowledge, he can file a quitclaim deed and convey the house to himself and become my TIC?
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Yes, there is no obligation to notify the other owner that you are filing a quitclaim deed to terminate the JTWROS designation.
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So theoretically he could file a quitclaim deed to himself, and then if he passed, his 50% would go to his kids. They would then own half the house with you.
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But someone would have to tell him this first or he would have to ask an attorney as most people outside the real estate law world don't know this...
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(5)In your professional opinion, what is the best way with the maximum legal protection for me in this purchase with my boyfriend?
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If it were me, I would just want to protect my interest and wouldn't be looking to make money if my partner passed. So if it were me, I would just take title as tenants in common and have a separate agreement drawn up that stated that if one person passed, the other person has a "right of first refusal" to purchase the deceased person's interest at 50% of appraised value of the house. That ensures that your interest is protected as well as giving you the right to keep the house by buying out his portion so you wouldn't have to own it with his kids.
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.

.

Thanks.

Barrister

.

If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 23098
Experience: 14 years real estate, Realtor. Landlord 24+ years
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