Legal Question in Real Estate Law in Iowa

Deeds

I am in the process of buying a home from my future inlaws. The loan will be in my name only, they are giving me a good price on the home because I am in a relationship with their son. However, they want his name on the deed or they are reluctant to sell to me. I am unsure if I should do this or not. Could you give me some advice to protect myself in this situation as I am solely responsible for paying the loan even if we split up. Does his name on the deed give him equal rights to the house although he would ultimately not be responsible for paying for it?


Asked on 4/27/04, 8:10 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Deeds

>>Does his name on the deed give him equal rights to the house although he would ultimately not be responsible for paying for it? <<

Yes it would. Many lenders will not allow this arrangement. I generally try to "suggest" to my clients that they don't do this, for reasons you obviously have contemplated.

Read more
Answered on 4/27/04, 9:10 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Iowa