Co owner in house?

2

Technically , as soon as he puts himself as co-owner by marriage you also legally own half of his stake in the house, so if he is trying to protect himself from a divorce he won't accomplish that. If he is accepting money from his parents he may not have a choice but to put them on the house. I'm not sure what the purpose of putting the brother since it could cause you both huge problems if the brother got himself in trouble and was sued.

If there is a lot of his family money involved you may not have much of a choice in the matter other than to strongly voice your opinion. Turning down a family gift such as a free house is also a very poor financial decision since you would be giving up $1000's toward rent\mortgage that could go into your family savings.

Seek to understand the bigger picture and who's contributing what. It's hard to give you good advise without understanding who is expected to actually pay for the house.

dont let it happen

(and contrary to what a lot of people think there are 2 ways to become the owner of a house with other people

1) (this is less common) each of the owners own a specific %age of the house,

they can sell there bit to anybody or leave it to anybody in their will

the pros - assuming they contribute to the deposit you get a bigger house then you would get on your own

you would inherit his %age on his death (assuming he dies before you)

also since each owner only has to arrange a mortgage to buy their %age then the total mortgage can be a lot higher enabling a bigger house to be bought

the cons

Each person would have to get their own separate mortgage to buy their %age of the house

your husband can only sell his %age which is likely to be a lot less than the same %age of the whole hosue value

(i.e say he owns 25% and the the value of the whole house is 400k - its very unlikely he would get 100k (25% of 400k) selling his 25% - he may only get 50k

would YOU buy a 1/4 of a house at 1/4 the house value?)

Unless you pay rent to each of them ANY of the other joint owners would have right to come into the house any time they want and live there

2) as joint tenants (this is the most common way of buying)

together they own 100% of the house

the important bit is "together"

NONE of them personally owns any part of it

So they cant sell it to anybody or leave it to anybody

If this is what your husband+relatives intend then on his death the parents+brother would become the owners

YOU would have no rights to the house

(and if the parents were to die first then your husband+brother would own 100% of it)

( "sheloves_dablues " is wrong

if you buy as joint tenants it is not a personal asset , its a joint asset with the other joint owners

Unless you husband survives parents and brother it NEVER becomes part of his estate

If he dies before ANY of them it becomes the survivors joint property immediately on his death )

the pros are that you could have a bigger house than you would get buying on your own (cos I assume the parents+brother would contribute to the down payment and/or mortgage)

the cons are your husband would not own it, could not sell it,and would be restricted what he could do with/in it

Its very unlikely you would ever own it

all joint owners would have to be on a mortgage

My advice

go see a lawyer on your own and ask them the pros and cons

(its possible the family are thinking of pooling resources (both capital and income) to buy a BIG house where they could all live but each in their own separate part)

No you are not over reacting to this.

There are legal implications, since you are his next of kin, if something were to happen to him, you will automatically inherit what he leaves behind.

If you wanted to sell the house, for some reason he is not there--then if there is not a stipulation for you to sell it without their consent, then it becomes a problem, because they may have other ideas--

Don't see him leaving this up to you, without your name on the title--it makes it easier for you, when your name is there.

This is never recommended, when you and the child are there--only because their names being there, complicates it --when yours is not.

Not saying they would rob you, but family and money are never a good mix, take it from someone who has been there and done that.

Have a chat with your husband

Normally a husband and wife would be involved in the purchase of a house for their family. There would not

normally be other family members involved in the purchase of a house between a husband an wife.

I am not aware of how your husband's family came up with how and who would hold title to the house. Normally a wife and husband would be on the title deed to a house they would purchase and own for their family.

You should voice your great concerns about this home ownership proposal with your husband and that you feel left out and insecure about you and you son's financial future if this proposal would happen. You would need to know how you and your son are financially protected in the event something was to happen to him, as he is the only earner of the family.

You have every right to be concerned about this situation. This affect you and your son's financial security.

If the house is purchased in a non community property state you would have no vested interest in the house, unless you are on the title deed to the house.

If you reside in a community property state and a mortgage loan is applied for and approved to purchase the house and you are not on the mortgage loan application, the mortgage lender would require the closing agent to prepare and have you sign a quit claim deed indicating you have no vested interest in the house being

purchased.

In either scenario you have no vested ownership of the house and would not inherit any portion of the house if something was to happen to your husband. If there is a probate in your state, the house would be awarded to the individuals listed on the title deed. You would have no legal standings if this is the case. Of course how title is held between those on the deed would be an issue. If the right of survivor ship is how title is held, your stake would be less. If yous husband share would become yours, you would still be required to share the title with your husband's family.

Holding title to a house, with others especially in-laws of spouse that is no longer with us would be most a most difficult and probably stressful situation.

If you are having second thoughts now, image not having your husband and is part owner of a house with his relatives.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

"I feel this is not correct." How is it incorrect? Though this is better than the last time you asked this, you're still being vague. What are you worried about?

Co-ownership of a house is a TERRIBLE idea and will almost certainly end in tears. I get the impression none of them have got a good grasp on what their getting into nor thinking it through.

Who pays for repairs? Who pays taxes? What happens if the taxes aren't paid? What happens when they learn taxes weren't paid because there's a lien on the place? Who's responsible for what? What happens when they fail to tend to those responsibilities? Who get to live in it? What if one of them doesn't like who's living in it?

If he buys the house with his mother, father and brother but not u in case of divorce or his death u will get 50% of his share, which will be like nothing - a half of one forth. Of course maybe he has no money to buy a house alone, so u have to figure out what is better for u - to live in someone else's house or no house at all

it is true that if you purchase this house(or he does) during your marriage, his portion belongs to you at his death

had he bought the house with his parents before you were married that would be a different story and you would be entitled only to the portion AFTER your marriage, not his portion

and no, omitting you in the process is not what a normal husband would do, he probably needs them to co sign to get the mortgage so this may the only way you can have a house

but leaving their portion to the other son at their death will cause you problems in the future

I'm so sick of these men who do not want their wives to work, but use this as reason to not treat her as an equal. Pretty backwards- as being a homemaker/full time stay at home mom is not a simple job.

There is no reason for him to go in with his parents and brother if you and your husband can swing it by yourself, tell him no deal, that you could get legally tangled up in the house if something happened to him. He got a bunch of insurance on himself to take care of you and your son if something should happen to hm?