Legal Question in Real Estate Law in Maine

land/construction loan laws for coborrowers

My parents are giving me land to build on. I would like for the land to be in my name only. Is it still possible to get a loan with a coapplicant without putting the land in that person's name, too?


Asked on 5/15/05, 11:38 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: land/construction loan laws for coborrowers

In a legal sense, there is no reason as to why you cannot receive title to the land in your name alone, then apply for a construction loan with a parent as a co-applicant and co-obligor. The Bank would want the land as security, and would possibly also ask for additional land as back-up security (ie- a second mortgage on your parent's house) depending upon the amount of money you would be borrowing.

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Answered on 5/15/05, 11:48 am


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