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Ownership Question with new home

My fiancee and myself wish to purchase a home. Right now we live independantly, and I'm putting the house in my name up for sale. If we buy a home together and put it in his name, will I have own 50% of the house if he quitclaims 50% interest to me? Is this a 50/50 in legal terms. Does he have any more power than I do? Thanks for your help. by jennif_704_134 from Reno, Nevada. Oct 19th 2011 Reply


John Brassner (john@john4realty.com)
#17 ranked lender in Nevada - 5 contributions

That is a question best answered by an estate planning attorney. If you buy the new home after you are married it will be assumed by the state of Nevada to be joint property unless otherwise excluded legally. If he buys it before you are married then joint property rules get a bit more "debatable" should there be a divorce later. However, if you are both on title for 50/50 as you state above, yep, you both will have the same amount of "power" over the property.

Oct 19th 2011
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yes you will have part ownership, but the financial responsibility and credit reporting will be in your finance's name, not yours if his name is on the loan/note. Regardless, the quit claim deed will show you have a legal agreement as far as ownership goes. view more at http://www.mortgagecrisistips.com for free mortgage tips.

Oct 19th 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

If he purchases a home in his name it is his. If he then grants you a 50% interest in the home, then yes you would own half of it, but you would not be on the loan, which could cause problems if something happens to him before the wedding. As far as who has more power, generally, you both would have an equal say in what happens to the house, but if one of you wanted to sell, and the other didn't, the courts could force a sale. That doesn't happen often, but it does happen.

Oct 20th 2011
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