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/u/specialpotato8
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Hi all,
We're hoping to receive your opinions and advice on what options exist as we can't be the only ones in this situation. We are in BC, Canada, and apologies if this is not thread appropriate.
For simplicity, we'll identify as person A and B. A and B have purchased a pre-sale condo. Our goal is to own property 50/50 with both names on the mortgage and title, however there doesn't seem to be a simple way to do this based on our circumstances.
Person A
Person B
Situation:
Problem:- B currently can't qualify for a new mortgage due to having their name listed on two condos with a debt of 1.1mil- One of B's condos could be sold, however B still wouldn't quality for a new mortgage with A
Potential Solution 1:
Other Potential Solutions (which all seem complicated):
What are ways A and B can go about having some form of 50/50 ownership of pre-sale and protect themselves legally?
As for the 600k down payment, we plan on each contributing 300k. However if one were to put more down than the other (i.e. A puts 250k and B puts 350k), how would you suggest sharing the mortage payments (i.e. 50/50, 60/40, etc.)?
A note that we will also be reaching out to notaries and lawyers for advice, but it would be helpful to know how you share and divide finances with your significant other.
Thank you in advance!!!
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Advice on sharing property and mortgage
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We're hoping to receive your opinions and advice on what options exist as we can't be the only ones in this situation. We are in BC, Canada, and apologies if this is not thread appropriate.
For simplicity, we'll identify as person A and B. A and B have purchased a pre-sale condo. Our goal is to own property 50/50 with both names on the mortgage and title, however there doesn't seem to be a simple way to do this based on our circumstances.
Person A
Owns property worth approx 600k
Current mortgage remaining: 370k
Salary: 80k
Person B
Has name on two condos and mortgages. Their parents completely cover the mortgages
Total condos' remaining mortgage: 1.1mil
Salary: 50k
Situation:
A and B currently live in A's condo
A's condo would eventually be sold and profits used towards the downpayment of new condo- A and B have purchased a presale condo costing 970k which is expected to complete in 2028
We plan on putting down a total of 600k and having a new mortgage of 400k max
Problem:- B currently can't qualify for a new mortgage due to having their name listed on two condos with a debt of 1.1mil- One of B's condos could be sold, however B still wouldn't quality for a new mortgage with A
- A can qualify for the new mortgage on their own, but wouldn't be able to share it with B on paper
Potential Solution 1:
The simplest solution would be for A to be solely responsible for the mortgage. As we were told that the name(s) on the mortgage must match the name(s) on the title, in this case B's name would not be on the title. Only A's name would be on the title.
If the new mortgage is only under A, then B would need to find a way to legally own 50% of the property (we've been advised this can be done through a lein or promissory note? We're not familiar with these terms)
Other Potential Solutions (which all seem complicated):
B's parent signs on the new mortgage as a guarantor (parent really doesn't want to do this though for a variety of reasons)
B removes name from the mortgages of the two condos already in their name so they can qualify for a mortgage for the pre-sale, while finding a way to still maintain ownership of the two condos (through a lein?)
What are ways A and B can go about having some form of 50/50 ownership of pre-sale and protect themselves legally?
As for the 600k down payment, we plan on each contributing 300k. However if one were to put more down than the other (i.e. A puts 250k and B puts 350k), how would you suggest sharing the mortage payments (i.e. 50/50, 60/40, etc.)?
A note that we will also be reaching out to notaries and lawyers for advice, but it would be helpful to know how you share and divide finances with your significant other.
Thank you in advance!!!
submitted by /u/specialpotato8
[link] [comments]
Advice on sharing property and mortgage
Continue reading...