Timeline for Is it a "bare trust" if a title holder owns only a fraction of a property?
Current License: CC BY-SA 4.0
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| Mar 21 at 13:38 | comment | added | Grade 'Eh' Bacon | And if the bank is requiring the parent to be on the title, they likely don't want the parent to have a separate contract that dictates they only have 1% ownership; requiring the parents to be on the title would be intending to make sure the parents have a financial stake in the house, to ensure that they pay the mortgage on time if their kids fail to. | |
| Mar 21 at 13:36 | comment | added | Grade 'Eh' Bacon | Not a full answer, but this is the key statement about mortgage co-signing, from that article: "In order for a co-signed mortgage to count as a bare trust agreement, Abdulla says financial institutions require the parent to also be included on the title." You note that a parent might have "1% ownership from the title", but realistically I think without a separate contract outlining ownership [which I'm not aware of being common], the assumption from being on the title with your kids would be equal co-ownership, eg. 50%. IANAL. | |
| Mar 19 at 16:29 | history | asked | Kate Gregory | CC BY-SA 4.0 |