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My fiance owns a home from her divorce of 4 years ago and…

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My fiance owns a home...
My fiance owns a home from her divorce of 4 years ago and has since refinanced in her name. We want to equally share in the equity of the home starting this month. The home was appraised this month, so we can calculate her total equity to date which I want to remain hers. Starting this month we will share in the monthly mortgage, principal, interest, taxes, 50/50 and starting this month any new equity would be 50/50. Will a legal equity share agreement need to be recorded and will it be enforceable only if my name is ***** ***** the deed?
Submitted: 2 years ago.Category: Real Estate Law
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3/3/2016
Real Estate Lawyer: Richard, Lawyer replied 2 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,196
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good afternoon Kellan. My name is ***** ***** I look forward to helping you.

You can handle this either way...i) adding your name to the title by way of a deed to be recorded in the real property records of the city/county in which the property is located; or ii) by separate contractual agreement between the two of you which would not need to be recorded..which would be legally binding and enforceable even if not recorded. BUT, for your own protection, whether or not you did this through deed or through this separate contract, it would be a good idea for you to record the document. The reason being is to make it part of the public record so that she couldn't later close on a sale without sharing the proceeds with you. If it's not recorded, you would have a cause of action against her, but you wouldn't have any way to stop the sale and the proceeds going directly to her upon the sale. If you have a recorded document, then any title company and/or closing attorney is going to know you have a beneficial ownership in the proceeds from sale.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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