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Title/Home Ownership Question

cluelessbride Posted: Nov 05, 2004 06:15 AM+

cluelessbride MEMBER SINCE: 8/02 TOTAL POSTS : 4570 WEDDING DATE: Oct 23, 2004

Posted: Nov 05, 2004 06:15 AM

Title/Home Ownership Question

So my FMIL asked if we wanted to buy her house for 1/2 of what she get get for it. Catch is: we'd have to make an apt for her. Fine, BUT...

then she wants to remain partial owner. Am I a complete BIOTCH for not thinking this is fair?

We'd be paying the taxes and utilities, not her.

Question: Is it possible to make someone like a 1/4 owner?

skew Posted: Nov 05, 2004 08:32 AM+

skew MEMBER SINCE: 10/03 TOTAL POSTS : 2414 WEDDING DATE: Oct 23, 2004

Posted: Nov 05, 2004 08:32 AM

Re: Title/Home Ownership Question

there are many ways to hold title on a home. if you are considering adding your aunt to the title, you might consider a tenancy in common.

a tenancy in common basically allows indivduals to own a peice of the property seaprately (ie you 45%, your DH 45% and your aunt 10%). all three of you have use of the whole property and not just restricted to your allocated %.

not clear on the advantages and disadvantages of this type of title, but it is an option for you. speak to your lawyer for clarification.