QUESTION
How to title deed for unmarried couple both on loan, but only one providing down payment?
Asked on Nov 16th, 2015 on Residential Real Estate - California
More details to this question:
My boyfriend and I are about to close on our first house, and we need advice on how to title the deed. We are taking the loan jointly, but he has provided the majority of the down payment. Since he is putting most of the money down, would it be better to do joint tenants, or tenants in common? If we do tenants in common, what would be a fair split of interest, as we will be splitting the monthly mortgage equally? Also, we do plan on getting married in the next couple of years; will this make it difficult to re-title the home if needed?
1 ANSWER
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Joint tenants have the right of survivorship and must own the property in equal shares (50%/50%).
Tenants in common can have unequal shares (70%/30%) but do not have the right of survivorship.
It sounds like you would be fine with tenants in common based on the amount each of you put down on the home.
No matter how you hold title now, it would be easy to transfer the home to joint tenancy or as community property once you are married.
Answered on Nov 16th, 2015 at 12:08 PM