Purchasing a second home MortgageBuying a Second Home Mortgage
Buy with a partner, what you should pay attention to
Which possibilities are there for co-determination? Shared leases are preferred by spouses and persons in partnership. There is also a shared lease that is preferred by groups of acquaintances or family members who buy together. coownership? When one of the fellow lessees die, the real estate is immediately transferred to the other one.
Provided the co-owners are not married or in a civilian relationship, estate duty may still be due. I have been living with my spouse for years, but we are not single, we are not co-tenants and only one of us own the real estate - do we both have a right to the real estate? So what does lease mean together?
Is it possible for renters to take out a mortgage together? If I am a co-owner or a shared lessee and the other lessees no longer meet the mortgage payment, what happens? Mortgage lenders will always demand that borrower be held "jointly and severally" responsible. That means that if one of you ceases to settle his or her part of the mortgage, the other (or others) will have to settle the full amount.
All of this may sound a little dangerous - what are the alternative options to co-ownership? What if I want to become a co-owner - what now? Talk to your lawyer or agent who is involved in the sale of your home.