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Originally Posted by WindyCityPilot  Key word is "Married". There are benefits to having both names on the title then once you are married. But if you're just dating someone and you are both on the title it can get ugly fast if you break up. |
I agree with that, for sure. A lot of people take title without realizing the ramifications. i.e. if he decided to take title in severalty (sole ownership), she would probably sign a quitclaim freeing herself of all entitlement to the home. But if he died, the property would go straight to the state probate court and she wouldn't see a dime of it because she technically was paying rent. Even uglier -- if they took title as tenants in common but weren't married, then broke up, she has legal ownership of half the home. She runs off with half the equity in the home and sells her half to whoever she pleases...even the would-be mother-in-law he couldn't stand as payback. Don't laugh -- this has happened!
Point being, I would urge you to consult a lawyer well-versed in title law before you signed anything. Just my two cents.