Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

Can I buy a property under my name and wife in common,

hello,Can I buy a property...
hello,Can I buy a property under my name and wife in common, applying for a loan under my name, and then transfer deed to my wife only, but keep the loan only under my name?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 5 minutes by:
5/9/2018
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,823
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Ask Your Own Real Estate Law Question

Good afternoon. Yes, you could possibly do this. However, you need to read the terms and conditions of the loan and see if there is an issue with this, by the lender. You want to make sure that this would not result in them being able to accelerate the loan and demand payment in full if this happens. You would still be liable on the loan but just want to make sure if you were to give up your legal right and interest in the home and just place it under her name, that there is no issue.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
but, The Garn-St. Germain Depository Institutions Regulations Act states:a lender cannot enforce a due-on-sale clause for “a transfer where the spouse or children of the borrower become an owner of the property.” This protects transfers to your spouse or children.

Yes, you are correct. I am just sharing with you, to be diligent and read the terms and conditions of the mortgage/note. Should it be an issue? No but you need to be aware of any terms or conditions which may be included. No reason to get involved with a lawsuit.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Terms and conditions have the due-on-sale note without major descriptions.
Federal & TX Law state allows transferring deed to spouse and lender cannot activate the due on sale clause for this reason, does not specify is the only spouse after the deed transfer needs to be on the loan agreement...12 U.S. Code § 1701j-3 - Preemption of due-on-sale prohibitions

Yes, your liability will remain and as long as the mortgage is paid, there should be no issue.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Second questions is:the Company that I work for is being reimbursed for rent expenses under our consulting services contract and the company is transferring the benefit to employees as this is the client's intention. I had already purchased a home before the reimbursement was made available. If I rent a property in my wife's name and receive a reimbursement in the rent amount specified in the contract, would be illegal? is there a difference if my lives or not in the property I am renting?
Thank you and I would kindly just ask that you rate my help at the top at this time for my help with the previous question and this one is outside the scope of the original and different. After, I would be happy to respond. Thank you for understanding.
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,823
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Verified
RealEstateAnswer and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Why would you do this if you are buying a home? What does the contract with your company say about this
Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
Since we are working on a temporary contract in a small city and rents are very expensive I opted for buying a home since it is basically cheaper than renting. We had extra money left in our contract that already started, and the company recently negotiated with client a employee reimbursement for "lodging". I have not received a copy of the contract supplement as still being processed and not fully executed. Basically we are working for the state government, but projects are federally funded. My boss already signed on the redacted supplemental agreement, and what he told me is that it is stated in the paragraphs that it is stated that "any field employee can claim up to a maximum of $x,xxx.xx reimbursement for rent expenses including utilities." client is reimbursing rent expenses because we are considered temporary employees. Therefore, I could probably loose my eligibility for the reimbursement if I own the property..
if they will only reimburse for rentals and not for ownership/mortgage payments then you may not be entitled to this. If the goal is to assist with renting and you decided to buy it would be at your own discretion. However if you now wanted to rent the house out and take advantage of the rental reimbursement you could consider that if eligible.
Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
but as I said, rents will be a lot higher than mortgage payments, and the ideal situation is to collect the reimbursement at maximum allowed rate by transferring deed to my wife and renting a property than legally is not mine. My wife does not have my last name, and therefore there is no logical connection. Client is just requiring a copy of invoice or paid receipt to reimburse the rent expense. The question is if I donate my 50% portion of deed to my wife and she becomes sole owner, can my wife rent me a house where I am paying the mortgage and make profit on it?
Customer reply replied 3 months ago
I know that if we were divorced she could even rent me the property as she owns 50%, but can I resign to my ownership of a community property and pay rent to spouse for what it will be turned to separate property?

You had opted me out so I was unable to reply

Ask Your Own Real Estate Law Question

It will be at your discretion. Your goal is to try and make a claim for the rent reimbursement and make the company believe you are renting a house when you are trying to take the money and apply it your mortgage. I do not believe that is the intent of what they are doing, as the goal is to help with the rent, not help you pay a mortgage. You can do it at your own discretion and if they find out, they may not give you the money.

Ask Your Own Real Estate Law Question

If that was the intent of the company and they were alright with it, they would simply provide a housing allowance, and allow employees to apply the money as they want. If it is specific for rent, they want an arm's length transaction.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
to summarize this discussion, if:
12 U.S. Code § 1701j-3 - Preemption of due-on-sale prohibitions - states that I can transfer my deed to my spouse and lender cannot activate the due on sale clause, but the loan agreement has a clause preventing the transfer of the deed to my spouse, where I keep the liability and my spouse becomes sole owner,Does the Federal/State law supersedes the loan agreement, or the loan agreement clause will rule and the lender can accelerate the loan terms?

Your loan agreement will control.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
doesn't a clause in an agreement that is opposite to a Federal regulation become null?

An attorney would need to read the entire loan agreement. It would need to see the conditions. I do not think your lender is going against Federal Law if this is a legitimate mortgage with a bank.

Ask Your Own Real Estate Law Question
Customer reply replied 3 months ago
understand. Thank you!

My pleasure.

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask RealEstateAnswer Your Own Question
RealEstateAnswer
RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 32,823
32,823 Satisfied Customers
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases

RealEstateAnswer is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
We have a partnership which is registered with the state of
We have a partnership which is registered with the state of California, and have been filing partnership returns. We are in the process of selling the commercial property, and the deed is showing owne… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,344 satisfied customers
Tying to find the best way to keep a house that I am on the
Hello, tying to find the best way to keep a house that I am on the title to and have ben living in for twelve years, but I am not on the loan my x husband is. He is willing to let me keep the house if… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I'm buying a home but financing it myself. How and when can
I'm buying a home but financing it myself. How and when can I add my wife to the title and protect my mother from eviction in the event of my demise?… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,474 satisfied customers
I was divorced in 2011. the house that my ex-wife and myself
I was divorced in 2011. the house that my ex-wife and myself co-jointly owned was in both of our names. the financial note was in my name only. last year my ex-wife needed some info about the house fo… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,344 satisfied customers
My wife and I are original names on the deed of a house, because
My wife and I are original names on the deed of a house, because we are retired we couldn't benefit from property taxes we put our son's name on the deed of the house. Now he is not making payments on… read more
Andrea, Esq.
Andrea, Esq.
Attorney
Post-Doctoral Degree
10,512 satisfied customers
Hi there, If husband buys a home only in his name with
Hi there, If husband buys a home only in his name with FHA loan - can wife buy another home on FHA loan on her own later? (California) Thanks.… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
My father died. My uncle deeded a house to my mother and I,
My father died. My uncle deeded a house to my mother and I, as joint tenants with right of survivor-ship in 1989. the property had a $40,000.00 mortgage on it in 1989 which my mother was supposed to p… read more
Barrister
Barrister
Lawyer
Doctoral Degree
12,142 satisfied customers
I am divorced. Both my ex-wife and I have two properties that
I am divorced. Both my ex-wife and I have two properties that we jointly own. Prior to my divorced, my ex-wife and I decided for us both to keep two of our properties. We our both co-borrowers on both… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,344 satisfied customers
My wife and I are living in a condo that is paid off. We have
My wife and I are living in a condo that is paid off. We have been paying for all the HOA fees etc and paying a small amount to her dad for “rent”. Her Mom, Dad, and herself are all on the title. We a… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
My wife and I are buying a second home, we live in Ohio and
My wife and I are buying a second home, we live in Ohio and are buying in WV, we would buy into our name and want then to transfer into a LLC we are about to create, is that possible without transfer … read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
One relative is buying a house as a 2nd home. The plan is
One relative is buying a house as a 2nd home. The plan is in a few years her sister will buy the house from her. Is there something we should be doing now with the title to make this easier when it is… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
In Va.Can a joint ownership agreement be a man and wife married
In Va.Can a joint ownership agreement be a man and wife married for 50+yrs.with both names on the deed as owners ?Example-this deed parties of the first part to parties of second part sell and convey,… read more
GoLaw
GoLaw
Doctoral Degree
751 satisfied customers
If your name is XXXXX XXXXX deed of a home but not the lease, can
If your name is XXXXX XXXXX deed of a home but not the lease, can you walk away from the home and purchase another home?… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
My wife wants to transfer the mortgage and title from her name
My wife wants to transfer the mortgage and title from her name to my name how can we do that?… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
If my bf that i live with in Georgia buys a home (loan in his
If my bf that i live with in Georgia buys a home (loan in his name only) Can my name be on the deed with him?… read more
mclemorelawyer
mclemorelawyer
Doctoral Degree
4 satisfied customers
I am married, live in Florida and we own a condo. The loan
I am married, live in Florida and we own a condo. The loan is only on my wife's name (she's the only signer of the promissory note) but the deed shows both our names. This condo is in foreclosure now.… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
If a person owns property in thier name only, and has the homestead
If a person owns property in thier name only, and has the homestead exemption in thier name alone ,also has a mortage through a private person in their name only, can that person sell the property or … read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Spouse added to deed for condo in Alameda County, CA
I am currently tenants in common with my married sister on a condo in Fremont, CA. I have recently married and would like to add my wife's name to the deed and remove my sisters name as I will be buyi… read more
legallysound
legallysound
Attorney
Doctoral Degree
1,324 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x