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adamo13, Home Owner in Osseo, MN

What are my options: loan for a percentage of interest in my home?

Asked by adamo13, Osseo, MN Fri Mar 29, 2013

Hello. Prior to purchasing my home, a relative was going to assist me with a loan for the 20% down-payment (with the condition that he would get 20% ownership in the home); I had no issue with those terms; however, that loan never happened. I was able to provide the 20% from my own funds; however, now, he and I may be interested in revisiting the loan-for-20%-ownership deal.

Can anyone assist me what steps might need to be done to facilitate such a contract? I don't care that he will not be paying on the mortgage or taxes; however, I am not certain of what "legal" responsibility he might be obligated to with such an agreement. We would simply prefer that I get the 20% of the home amount in a loan; and at the time the home is sold, he gets 20% of the selling price.

Any quick, clean, and/or creative suggestions will be greatly appreciated.



Help the community by answering this question:


This type of question would be best handled by a real estate attorney. You will want everything to be stated up front what both parties intents are.
0 votes Thank Flag Link Fri Mar 28, 2014
Hi, Adamo13!
Well, I agree with one of my colleagues here, you should seek out a real estate attorney to draw up the papers on this. And, I'm sure an accountant or a financial investment person might have the ability to make sure they're explaining all of the terms to you in a way that you both understand. It's wise to make sure you BOTH know what you're committing to

Good luck!
0 votes Thank Flag Link Fri Apr 5, 2013
This is an issue for a Real Estate attorney. I recommend Susan Basiago at 952.303.3318. If you are looking for cash or a HELOC, there may be simpler ways.
Web Reference:
0 votes Thank Flag Link Sun Mar 31, 2013
Because this is really a legal issue, I would suggest that you contact a Real Estate Attorney. I would be happy to recomend a couple to you.

Good Luck

Melva Shonblom
Counselor Reaty, Inc.
0 votes Thank Flag Link Fri Mar 29, 2013
Hi, Melva.
Thank you for your immediate reply and suggestion. I do know a few Real Estate Attorneys as well; thank you for you offer to recommend.

Kind regards,
Flag Sat Mar 30, 2013
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