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Heis, Home Buyer in Buckeye North, Buckeye...

hello, My friend and I will buy a house, each will put 50% of the house. My

Asked by Heis, Buckeye North, Buckeye, AZ Tue Jul 24, 2012

My name will be on the property house and he will file a quit-claim deed (50% is his) Is this dangerous to do? He doesn't want his name on the title but he wants to have 50% on the house.

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Answers

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If your friend personally doesnt want to be on the title, have you thought about creating an LLC and you both are members of the LLC with 50/50 ownership of the LLC. I would also suggest you to talk to an attorney about this.

Best Regards,
Residential Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Bianca@InvestInArizonaHomes.com
Website: http://www.InvestInArizonaHomes.com
0 votes Thank Flag Link Wed Mar 26, 2014
Well, he won't have 50% of the house if he quit-claims his interest to you. If you both sign the mortgage, he will be on the hook even though he doesn't have an ownership interest in the property.

So, yes - this is dangerous to do.

What's also dangerous is to not have a partnership agreement drawn up before you start buying property together.

All the best,
0 votes Thank Flag Link Tue Jul 24, 2012
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