Legal Question in Real Estate Law in Maine

Re: owning a home

If you are contributing to the down payment and will be paying the mortgage, taxes and insurance with him, then you should insist on the deed in your name, and you will need to be on the mortgage. The Note can be in your boyfriend's name only if it is a loan just to him.

The Note is the promise to pay, the mortgage is the agreement by whomever is on the deed to pledge the land as collateral if the Note is not paid on time.

It is not unusual for someone to be on the deed and mortgage but not the Note. The bank may resist this at first, but should give in.

There is a risk to you if you do not do it this way. If you let him take title in his name only you will not have a legally enforceable right to have your name put on the deed. In addition, if your name were to be added later that would violate a provision of the mortgage that prohibits a transfer of interest in the property without the Bank's permission.