Q: Took a loan to buy a house w/gifted down-payment from a live in partner. Can live in partner claim co ownership later?
Before entering into real estate purchase, live in partner expressed verbally that even though only 1 person was entering a mortgage contract that any contributions made to improve the property will be compensated and accounted for before any profits of sale was split between the two parties. And as an incentive to the person acquiring the loan, all expenses imcluding paying the monthly mortgage will be the sole responsibility of the live in partner. This is because said live in partner could not acquire any real property nor a loan. Both parties still live the purchased property but the relationship is now strained from financial hardships. And previous promise of proposition to shoulder all financial responsibilities did not follow.The live in partner has inherited money and is now wanting to pay off the mortgage balance and have the real estate property title be granted onto his name. What laws apply If the party who is the mortgagor refuses to grant the proposal?
A:
I am inferring from your question that your then live-in partner does not appear on the sales deed. If this is the case, your live in partner does not have a participation right in the real estate property, although he can have a right to receive repayment of the amount that he provided for the down payment. Either the amount provided by your partner is a gift, with no strings attached, or it constitutes a loan that he/she expects to be repaid for. Unless your partner's name appears as co-owner in the sales deed, he/she has no right over the real estate property.
Furthermore, a case can be raised regarding your partner living in the property without paying rent: any subsequent contributions made by your partner can be offset by his/her living on your property.
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