Quebec Joint Mortgage – What are the laws between my GF and I?
Hello,
I am currently involved in the purchase of a new condo in Quebec with my GF. We both have very different financial situations but have come to an agreement on our mortgage budget etc. The thing I’m wondering is if there are laws to protect each of our initial investments. By this I mean, if we ever sell or split up and sell, by law, do we each get our initial down-payments back. And what happens in the event of profit on a sale? If I put a 40% down-payment and she puts only 4%, does that mean I would get 86% of the profits? (50% +36% difference between us). Do laws exist to protect me or do I have to see a lawyer or notary to write up a document for us?
no law can determine what is in a person’s mind WITHOUT THEIR BEING A CONTRACT.
if you ever watch Judge Judy [putting aside her acerbic approach], what he feels and
what she feels are only feelings till they are reduced to writing BECAUSE, under the
[in the US]–Statute of Frauds, all Real estate agreements have to be put in writing to
be ENFORCEABLE in court.
you need no atty or notary…….you can hire one but it is not needed. YOU do need
an agreement between you two–that says "I am investing in this house, x dollars
and I expect x + ? [fiil in] back under the following circumstances……….
IT is that simple. IF what you put down is not contradicted by her, then you have
an agreement and when the condo has a purchase contract on it, you would take that agreement to a TITLE company [or someone who handles the closing papers for the condo] and they would
do the math and REMIT to each of you what your contract states you get.
YOU may ask for anything; there is no law covering what you can get.
There are laws for transfer fees and taxes; whether due at closing or at the end/beginning
of the next year……..
Available to guide you further
June 19th, 2010 at 7:49 am
no law can determine what is in a person’s mind WITHOUT THEIR BEING A CONTRACT.
if you ever watch Judge Judy [putting aside her acerbic approach], what he feels and
what she feels are only feelings till they are reduced to writing BECAUSE, under the
[in the US]–Statute of Frauds, all Real estate agreements have to be put in writing to
be ENFORCEABLE in court.
you need no atty or notary…….you can hire one but it is not needed. YOU do need
an agreement between you two–that says "I am investing in this house, x dollars
and I expect x + ? [fiil in] back under the following circumstances……….
IT is that simple. IF what you put down is not contradicted by her, then you have
an agreement and when the condo has a purchase contract on it, you would take that agreement to a TITLE company [or someone who handles the closing papers for the condo] and they would
do the math and REMIT to each of you what your contract states you get.
YOU may ask for anything; there is no law covering what you can get.
There are laws for transfer fees and taxes; whether due at closing or at the end/beginning
of the next year……..
Available to guide you further
References :
US RE broker