How AI Legalese Decoder Can Help Navigate Ownership Issues in Shared Property Investments
- May 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Living Arrangement and Financial Contributions
My boyfriend (32) and I (32) recently decided to move in together at his house, which his mom helped him acquire. She generously gifted $100k for the down payment, which was a significant assistance for us. We have plans to reimburse her when she retires or requires it. We have been splitting the mortgage payments equally, and I have also made backdated payments since his move-in date. We both believed it was more beneficial to invest in his house rather than getting a separate condo for myself.
### Property Ownership and Future Plans
It is important to note that the house is currently under both my boyfriend’s and his mom’s names. We have a verbal agreement to divide any profits from the house if we eventually sell it or decide to upgrade. Additionally, we have discussed purchasing a new property together when the time is right. Our records show that both my boyfriend and I have contributed $50k each towards the mortgage, and the current value of the house is $600k, with his mom contributing $100k for the down payment.
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You should probably get help from a lawyer. Without any legal ownership, the verbal agreement might not entitle you to anything.
You need a lawyer. Yikes. How do you ONLY have a verbal agreement?!
Selling price – (remaining mortgage + closing/realtor fees) – 100k to mother / 2 = split amount.
To be clear though it sounds like you’re entitled to nothing because your boyfriend owns the house with his mother and you’re just paying rent (the new narrative when you breakup).
Where do you live? Common law rules are different per province.
Not a lawyer: I would get something in writing, just in case.
Lawyer
Mom didn’t gift anything. Sounds like she made an investment.
Currently, you’re renting off of him, regardless of your verbal agreement. If it’s not written down, it’s not worth anything.
Always get it in writing
Verbal agreement?
A written agreement is necessary for that. The best time for it was when the house was bought. The second-best time to get it done is today.
Detail all your contributions with backup bank statements, etc, then go to a lawyer ASAP.
You need a cohabitation agreement. This will define what happens in the event you separate. Some options, (1) house sells, expenses paid, mortgage is paid off, mom is paid $100k, rest is divided equally. (2) he pays you what you put in dollar for dollar. (3) house is appraised, deduct mortgage plus $100k and he buys you out.
My advice, get a family lawyer to draft this for you and don’t sleep on it. Do it now.
If the house is in her name – I would expect that she is entitled to a percentage of the profits that the 100K represented.
She didn’t gift 100K bc if she had, her name wouldn’t be on the title. Either way, there are tax implications all around, since she will pay cap gains on the entire amount as it’s not her primary residence. Realistically I would say you are entitled to half of whatever his half of the equity increase is when sold, assuming it’s his primary residence.
Anyhow the important thing IMO is that you assess this all on %s not amounts bc amounts become meaningless over time.
Written contract.
Lawyer.
Good luck
Whatever is on paper is what matters… noone cares about verbal agreements.
If 100% of the house is his on paper from lawyers and what not then you do not own shit. If hes a scumbag then he can take everything and say goodbye.
Correction: Your boyfriend invested in a house, you paid rent.
Get a cohabitation agreement. You can state that upon the sale of the house the mother would get 100k back and then everything should be split equally. You should also just get your name on the house. This shouldn’t be a source of conflict, you deserve to feel secure financially as much as your partner does.
Common law does have specific rights to the matrimonial home but I would have a discussion and write it out. That way everyone can feel secure for their future.
Why isn’t your name on the deed? It sounds like you are a tenant paying rent.
I see alot of “good luck” and “should have got it in writing”. I wanted to add a little to hopefully make you feel better.
Obviously please talk to a lawyer.
I’m not sure with the mother on the title and how it will work. Like if it is an investment property but it also the primary residence of you both. However I can safely assume you’re common-law partners thus giving you a stake in the home.
How do you pay the mortgage? And is it written somewhere each time and what those payments are for?
Either way. Speak to a lawyer. I’m sure the answer will make you feel more confident.
Depending on what province you live in, you’ll be considered common law married after living together after a certain amount of months. If that’s the case you’d likely have certain legalities on your side without any form of contract worth looking into.
the house may may potentially market for 600k but its value is 200k not 600k as the bank owns the rest. This lax terminology is what gets people on your situation. Get it writing, he should have also wanted it in writing.
The least you should do is photocopy or save pdf of any documents associated with this, including mortgage payments or bank statements showing payments, texts discussing such plans etc. Then consult a lawyer. You should also look into common law in your province.
What province and how long have you and your partner been living together.
You mean you help pay the mortgage for his house. Yikes. Get a lawyer.
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Get it In writing but you should have a joint tenancy. If it’s your matrimonial home, he’ll still need your consent to do anything with it. See a lawyer and get it in writing though