Legal Question in Real Estate Law in Kentucky
Sharing property
I'm helping fiance purchase home through USDA for us. At the current time fiance is unemployed so I'm making the house payments. My name is not on loan due to prior bankruptcy but my income was included in loan paperwork. Also had to have verification from my employer. Is there a way that I could have my name on deed or some kind of legal form that would also give me some rights to property? I was told by a police friend that I have no right to home and could be arrested if it came to that, even though all bills are in my name and I'm making house payments. Fiance and I want this to be legaly both of ours since we both have worked hard for this house. Any suggestions?
2 Answers from Attorneys
Re: Sharing property
You do need a deed. Right now you have no right in the property. If you get a deed, then the lender may object and might be able to forclose, depending upon the terms in the mortgage. If you do get married (and what is the problem here if you have bought a house and paying for it)then you would have a "dower right" and may be able to have the deed changed. If you do not get married, or until you do, you could have an agreement prepared in the nature of a partnership which would set out your interest in the property and might protect you if the other person "leaves" or sells the property without your knowing it. If you record this instrument then again the lender may object. If you do not record it then you fiance can obligate the property further without your permission and knowledge. There is no place for "love" in this situation.
Re: Sharing property
you need a deed from fiance to you and fiance with rights of survivorship.
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