5 months is not a long time to have been dating someone. Youboth still have a lot to learn about each other and you medium to long run compatibility. Why not just get another roommate that isn't her and have them pay. Best of both worlds.
Houses don’t have titles, at least in my state, it’s a deed. And if you have a mortgage, the lender is going to probably need to approve that any change to the deed. Does she realize if she’s on the deed and you foreclose her credit will go to crap?
Why does she need something in return for moving in with you and paying market-rate rent? Hopefully, she thinks living with you would be cool so she gains that and is otherwise in the same approx situation.
Yes, they do have titles. They have deeds, too. The deed is the instrument that conveys the title.
To the OP, yes it's a horrible idea, but I'll go one further. It's possible if you're in a relationship with someone, and you co-mingle the funds used to pay the mortgage and property taxes, she might have a claim to your title anyway, depending on what state you're in.
Have her move in if you want, but give her a lease so it's clear she's paying rent.
Generally, lenders reserve the right to approve before you add anyone on title ("quit claim deed" transferring property from you to both of you) to the property. That said, it's extremely unlikely that the lender will notice or care if you add someone as long as it receives its payments on time. That said, it's not a good idea. In the event of a breakup things can get extremely messy and extremely expensive.
A few of the potential issues:
A) You breakup and the SO immediately wants her equity in the property. What do you do? Refinancing to pay out her equity to get her off of title is expensive (generally thousands of dollars in costs and lender fees). The prevailing interest rates at the time might be terrible. Further, you may not qualify to refinance for whatever reason, e.g., income, credit score, etc. You could be stuck having to sell.
B) You breakup and the SO refuses to vacate the property. You can't simply just force her to move out if she's co-owner of the property. Generally, you'd either have to cohabitate or move out yourself. If you move, what if she refuses to pay you for your equity in the property? The court action to enforce your rights could easily cost more than the equity you have in the property.
C) You breakup and the SO moves out and never wants to hear from you or see you again. Well, what happens when you go to sell the property and she's on the title and refuses to do anything? You're stuck paying $ in legal expenses to address the issue.
Stupid idea. Never buy a house with a girlfriend. Now, you've also told her that you need to rely on her financially; that you can't stand on your own two feet. My guess is she's in the arms of another dude within the next year.
LOL at you dummy! It's a BS post for views and nothing more which is probably 95% of the posts that are in this category. Geez you are dumb
Eh, not so sure about that. Spend some more time here and see just how stupid people really are .
You told a girl that you have been dating for 5 month that you are desperate for money so now she knows you are a loser.
you are saying that a person is automatically a loser because of how many shiny coins they have. is this really what we have become as a society? why do we value money so much?
I'm unclear why he would put her on the title. She is not being placed on the title where she rents and all you're asking her to do is essentially pay you rent.
When my girlfriend moved in she paid me something each month to help cover the bills but I didn't really call it rent and she can get put on the title until we were married even though in my state being married automatically gives her partial ownership of the house.
Houses don’t have titles, at least in my state, it’s a deed. And if you have a mortgage, the lender is going to probably need to approve that any change to the deed. Does she realize if she’s on the deed and you foreclose her credit will go to crap?
Why does she need something in return for moving in with you and paying market-rate rent? Hopefully, she thinks living with you would be cool so she gains that and is otherwise in the same approx situation.
This is not true. You can be on a title but not on a mortgage and vice versa. Being only on these title will not impact your credit at all however any lien on the house will be satisfied before the title holder gets anything in the case of a sale.
If you really do this, take a few bucks and visit with a real estate lawyer to learn about your state's laws on tenancies in common and joint tenancies. In particular, you should have some agreement in place as to what happens if you break up. Without an agreement, you could be forced to sell the property in a partition action if you break up.
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