I'm selling my primary residence and moving into my boyfriend's primary residence. The proceeds from my sale will be enough to pay off a mortgage on the investment property we co-own and to shave off substantial portion of his mortgage on his primary residence as well as do renovations so the place is ready for our growing family.
1. Currently we own the investment property 50/50. Once I pay off the mortgage (currently at 65% of property value) this ratio would shift... how can I secure my "interest" in that?
2. The leftover money will be used for a property I have no legal claim to. How can I protect myself from losing lifetime savings if something horrible happens?
I know someone out there must've thought of a smart way to "take trust of out this"?
New to Real Estate · Columbus, OH · Member since 2018 · 41 posts · 30 votes
6y
Speak with a local attorney on this sooner rather than later. You will get some good advice on these forums but this is definitely something you don't want to try to figure out after the fact. You'll probably need signatures from both of you on separate documentation for both properties.