Mortgage - Joint Tenancy Question - Help

Lori56

Hello!

I have a quick question regarding buying a house utilising Joint Tenancy ownership. I understand the terms of Joint Tenancy regarding passing equity between parties in the event of death.

However, to mitigate confusion in a situation where we split (we are un married), could we sign a Deed of Trust outlining the unequal splits we contributing re deposit and mortgage payments?

Thank you for reading.

Thrugelmir

You can agree to split the equity in the property in any way you like.

Lori56

Thank you for the reply. Is this drawn up via a legal document such as a deed of trust? Could we still do this despite we will be joint tennents as opposed to tennents in common.

Lori56

Don't suppose anyone knows the answer to this? Little confused if a deed of trust is meaningful when you are joint tennants as opposed to tennants in common.

Jenniefour

Lori56 wrote: »

Don't suppose anyone knows the answer to this? Little confused if a deed of trust is meaningful when you are joint tennants as opposed to tennants in common.

It might be very meaningful in the event your relationship were to end. One of you, for example, might have contributed a much bigger amount to the deposit, or all of it. In that case, would you both still be happy with a 50/50 share?

getmore4less

The trust deed would say what the beneficial interest on a disposal while both alive.

that can apply for both joint and TIC.

A trust deed could also create a debt to the estate on death where the legal and beneficial ownership transfers through survivorship along with the mortgage with joint tenants.

Lori56

Appreciate the comments both. Looks like it would be wise to draw this trust deed up as Joint Tennants.