Buying a house w/ girlfriend

[maxT]

I live in Pennsylvania and am in the middle of buying a house with my girlfriend. I am using money for the down payment that i have saved up fpr many years. I will also be paying the whole morgauge with my annual income. The morgauge company is dealing with me because i have good credit. (my girlfriend does not) The realator has listed us both as the "buyers". My question is i don't mind her on the deed as long as we are together but if we were to split, would i loose my life long dream of owning my own home or have to see it? We have been together for 10 years and have 1 child together. I hate to sound selfish asking this question,but i don't think it would be fair for me to loose the house since i was the one who saved for the down payment and will be responsible for the morgauge. What can i do to protect myself?

 

[suzseaside55]

Title and ownership

With nearly 30 years in the real estate mortgage industry I have had this discussion many times with clients. Many lenders will not allow any party not on the loan to be on title - but you can retitle jointly with a new warrenty deed post close. However, this does give your domestic partner ownership rights and make separation challenging should anything change in your relationship. With her not on title, there would be challenging issues in passing the property to her if something happens to you and she may not be able to obtain a loan for any balance owed. And even without her being on the title, there is also an underlying issue relating to potential "common law" status due to the length of your relationship, etc. that may not protect you. After careful consideration of all of these areas, the best thing to do is consult an attorney to draft a mutual aggreement - kind of like a prenup relating to the property. If your well meaning intent would be for her to inherit the home in any case, then be sure to carry enough life insurance on yourself so that she can liquidate remaining debt and carry on