Home Buying in Buffalo>Question Details

kandyo1, Home Buyer in Tonawanda, NY

Is there an agreement an unmarried couple can make if one only person is on the mortgage but want to be equal partners in the home?

Asked by kandyo1, Tonawanda, NY Thu Aug 16, 2012

Help the community by answering this question:


Bondgirl.007’s answer
Yes there is, it is called joint tenancy. You will need to do three things 1 - figure out where the down payment comes from (i.e.who and what percentage) 2 - get pre-approved for a mortgage based on your terms 3 - get a lawyer involved to pretect each person's interest. I did this once, and am thankful I had gone through those three steps, as when my relationship ended, I was able to prove that I was owed a particular amount from the other party, and there was no need to go to court.

Debbie Bond
Century 21 Gold Standard
1 vote Thank Flag Link Thu Aug 16, 2012
Yes, this can be done. If you want to put the deed in both names then you can have equal partnership. Consult your attorney to set this up for you.
0 votes Thank Flag Link Mon Sep 10, 2012
When it comes to any legal agreements, it's really in your best interest to consult with an attorney....
0 votes Thank Flag Link Thu Aug 16, 2012
Kanyo1: That is a question for the lender as every lender has their own guidelines. I have seen it in the past where they would not allow it unless both were on the mortgage if they were NOT married (unfortunately). You need to discuss this with an attorney before you do what Shanna is suggesting to do AFTER closing because you may be bound to the terms of the written mortgage and it may come back on you. Ask the lender (processor, underwriting team), Ask an attorney especially one who represents lenders in addition to doing closings.
0 votes Thank Flag Link Thu Aug 16, 2012
Hi kandyo1,

The person not on the mortgage can be on the Title to the property. If it can't be done at the time of closing, the person can be added after close. Just make sure the new Title is recorded or it's not legally binding.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Thu Aug 16, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer