If we are lending our daughter money to buy a house, should we put the house in just her name or should my husband or I put our name on it with her?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If we are lending our daughter money to buy a house, should we put the house in just her name or should my husband or I put our name on it with her?
Asked on February 5, 2012 under Real Estate Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Do you want to be joint owners of the home with her or not? There are pros and cons to each:
1) If you are joint owners, you have control over what she does with the home (e.g. selling, financing); have more leverage to recover your money from her; and would be able to participate in any appreciation in value or equity, if and when the market improves.
2) But if you are joint owners, then selling, refinancing, etc. the home is much more complicated, since all of you are involved, have to qualify, etc.; if there is any debt owed by you or judgment against you, your daughter's home would potentially be subject to a lien.
Having you name on the home protects your investment, but limits your daughter's freedom and makes it much less her home.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.