Q: I plan to purchase a home in CO with my (adult) child, splitting the down payment, mortgage, and all costs 50/50.
I'll be contributing cash and she'll be securing the mortgage, but I'd also like to be on the deed. Can this be done without my name on the mortgage loan? Also, if I should die, can my 50% be automatically split between the child I co-own the property with and my other (adult) child? Is there a specific type of contract or legal agreement I should get to ensure that this happens? Is there a legal name to this type of contract? Thank you
A: You definitely should be named on the Deed, to protect your investment. Yes, you can obtain a mortgage obligating only one individual but take title to the same property in the name of two individuals. You risk that you will be wiped out should the lender need to foreclose.
You'll need to take title via Tenants In Common Deed type.
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