Legal Question in Real Estate Law in New York

Re: co-owning a home to help person get better credit

This would be legally possible however the documentation would have to properly reflect the transaction and you should be covered in case of any loss or damage to the property or other persons. As for whether it is a good idea, that is something which you must decide after assessing the risks and costs.

Feel free to contact me further if you require any additional assistance.

Regards,

Peter Moulinos

Re: co-owning a home to help person get better credit

If you sign the note and mortgage, you are liable for the note and mortgage and can be sued if payments stop.

Who will pay the transfer tax top put you and she on the deed for the six months? Who will pay it when you get off the deed? You don;t not own the home with a transfer which may or may not also be a taxable event if the home increases in value in those six months.

Why not let the person clean up their credit for about a year, then re-apply. The only person who really wins in this situation is the mortgage broker who will make a nice commisssion on the brokerage. Plus you and the other person should each have their own attorney for these transaactions becasue there is a conflict between the two sets of parties.

Feel free to contact me by email or phone with any questions. I'm a hop skip and a jump from your location.

Good Luck

RRG