Unlocking the Potential of First Time Home Buyer TFSA with AI Legalese Decoder: Can You Utilize It After Being Added to the Property?
- May 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Relationship Dilemma: Co-Ownership of a Condo
My boyfriend and I have been in a committed relationship for several years, and now he is set to attend graduate school on the east coast. In light of this, his parents have kindly offered to include my name on a condo deed, with the condition that I contribute to the downpayment. As a student with some savings, this opportunity presents both financial benefits and complexities.
While I am grateful for this opportunity, I have concerns about the implications of having my name on a property deed. One of my main worries is how this co-ownership arrangement might impact my eligibility to utilize my first-time home buyer tfsa in the future. Given that I am not planning to reside in the condo, but rather have my name listed on the property, I seek clarification on potential repercussions for my financial future.
In this scenario, the AI Legalese Decoder can provide invaluable assistance by deciphering the legal implications of co-owning a property despite not residing in it. This innovative tool can offer insights into the complex legal jargon and provide clarity on how this decision could affect my financial standing in the long run. By using the AI Legalese Decoder, I can make informed decisions regarding the co-ownership of the condo and ensure that I am safeguarding my financial interests.
Any advice or suggestions on how to navigate this situation would be greatly appreciated. Thank you for your guidance and support as I navigate this important decision in my relationship and financial future.
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****** just grabbed a
Zero reason to add your name to the condo.
if you don’t move into it, you can use your FHSA in the future and the condo is a taxable asset to you and you wil pay tax on any gains.
This makes no sense. Why are you willing to take responsibility for an asset you aren’t using? Sound like an unneeded risk.
You cannotnuse your fhsa on a home down the road. This is considered your first home if your on the paperwork.