No. of Recommendations: 1
mjw3786:

<<<the OP needs to consider how the property should be titled, as they can either have tenants in common or joints tenants with rights of survivorship. If they were married and lived in a state that allowed it, then they'd also have the choice of tenants by entirety, which is what we have used here in MA, and which has another set of advantages.>>>

"This is certainly an issue. While the mortgage would be in my name, i'm not sure I would choose to have it such that my untimely death would require her to take over responsibility of the payments as I am not entirely confident that the loan on the house will be manageable by her alone without my income. This being the case, does it still make sense to attempt to write her name on the mortgage? I'm asking here I have no idea and will likely seek legal advice on these questions that have been risen by many of you."

What incentive does your S.O. have to be on the mortgage if not on the title to the house? Do soing is essentially the equivalent of an unsecured guaranty of the debt of an unrelated third party?

And if do not want to require her to take over responsibiity for payment of the house in the event of your untimiely death, why would you even consider putting her on the mortgage? By being on the ortgage, she is in fact responsible for payment of the house, whether you die or simply do not make payments.

Perhaps you should have life insurance policy that names her a beneficiary if she is so dependent upon your income?

I will also note that it may difficult, if not impossible to have a single lawyer represent both of you in terms or preparing and executing a partnershop agreement regarding the house, because there are potential conflicts of interest.

Regards, JAFO

Disclaimer

Yes, I am a lawyer, BUT THIS IS NOT LEGAL ADVICE; it is only general information. NO CLIENT RELATIONSHIP IS INTENDED TO BE CREATED, NOR IS ANY SUCH RELATIONSHIP SO CREATED. FOR SPECIFIC LEGAL ADVICE YOU SHOULD TALK TO A LAWYER IN YOUR AREA.
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