What should be on title/deed/offer while husband/wife decide to purchase a house together?
Me and my husband are first time buyers. We want to give an offer for the house, but title will be as follows: husband 70%, wife 30%. Should we state it on the offer as buyers, or enough just to say it to the title company and they will do all work?
4 attorney answers
Generally real property owned by a husband and wife is held by the "entireties", e.g. as husband and wife. The entireties is similar to (but not exactly the same) as "Joint Tenants with a right of Survivorship". The Entireties has certain advantages against creditors.. e.g. the creditors of one spouse cannot come after the home.
Thus, to achieve your stated goal I strongly suggest you simply buy it as husband and wife AND after you buy do a post nuptial agreement that states that if it is ever sold (or you divorce) the 70/30 split will be applicable to the home equity.
It sounds like you two should not be doing any asset planning or estate planning without the advice of a good attorney. My question: why would you ever buy one of the most largest purchases you will ever make without expert advice? Thus it sounds like you need to consult a lawyer!
I have answered this question with a general knowledge of law. My answer does not create an attorney-client relationship.
This MIGHT be a good or bad idea, see and attorney for advice on accomplishing what you desire.
To the PROSPECTIVE client, please review my efforts to assist by quickly and frankly responding to your question with AVVO. Also, please realize this PRELIMINARY answer to your question(s) is for general purposes and based upon the information you have conveyed. As the response is based on very limited information it MUST NOT be relied upon as the basis for action or inaction. If you are seeking legal advice which you can and should rely upon you will have to engage an attorney, provide all of the facts in detail and answer their questions. My response does NOT establish an attorney-client relationship. That may only be established by mutual agreement, and the signing of a written retainer agreement, which will require payment for our services. Providing counsel and representation is what we do for a living and, just like you, we must get paid for our work.
You are talking about an ownership arrangement where you will be tenants-in-common. You get superior protection if you own the property together as tenants by the entireties. I strongly suggest that you consult with a lawyer about the difference between these two forms of ownership so that you can make an informed decision. You may also want to consult with the lawyer about your proposed offer to purchase since that is the key document in real estate transaction. You do not need to identify the form in which you intend to hold the property after you purchase it.
I am licensed to practice law in Michigan and Virginia and regularly handle cases of this sort. My answering your question does not establish an attorney-client relationship. You should consult a lawyer so you can tell the lawyer the entire situation and get legal advice that is precisely tailored to your case.
You appear to be a bit confused with respect to the various methods of ownership/titling of real property and the overall process of implementing such methods. I would recommend contacting an estate planning attorney in the area ASAP.