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Thread: 20% Co-Owner is it possible?

  1. #1
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    Default 20% Co-Owner is it possible?

    Has anyone done a co-ownership? Will the bank give a mortgage on a 20% ownership?

    I don't want to move in with my Girlfriend without her having partial ownership. She can only afford 20%.

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    ...
    Last edited by Sugarphreak; 08-15-2019 at 11:14 PM.

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    Originally posted by Sugarphreak
    I don't think you need to go through the hassle of getting a separate mortgage, you just need to have a written agreement drafted up by a lawyer that says she has a 20% interest in the equity of the home

    Really though, if you guys end up getting more serious down the road this is going to hang over your relationship like a dark cloud
    It won't make a difference once they become common law, so the point is moot.

    If she can only afford 20% down but you guys want to have a life together, than that's what you get. As a team, it doesn't matter what the overall contribution is, the fact that she contributes is what matters.

    If you can't stomach that, then continue renting until you both have equal downpayments Otherwise, as phreak said, just a lot stress for no good reason.

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    She will get 50 no matter what. Stop wasting time and do it. Or not do it.
    Be happy she doesn't get more then 50%
    Street Tune
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    Either own 100% and charge her rent to live with you, or be ready to give up 50% later down the road. Welcome to a serious relationship.... Where her money is her money, and your money is both of your money

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    I've always been curious how this will work. GF and I rent here in Edmonton but when we move back to Calgary I assume we'll go back to my condo which only I own and she would pitch in.

    The whole common law thing I still don't understand and she's been talking about declaring for taxes benefits even while in Edmonton. Maybe I should talk to a lawyer just to understand what exactly the possible avenues over a bunch of scenarios are.
    Ultracrepidarian

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    Originally posted by HiTempguy1


    It won't make a difference once they become common law, so the point is moot.

    If she can only afford 20% down but you guys want to have a life together, than that's what you get. As a team, it doesn't matter what the overall contribution is, the fact that she contributes is what matters.

    If you can't stomach that, then continue renting until you both have equal downpayments Otherwise, as phreak said, just a lot stress for no good reason.
    No such thing as Common law marriage in Alberta when it come to Provincial laws, Federal law in Alberta still recognizes Common Law. For the sake of Real Property refer to the Dower act when talking about marriage.


    Edit...
    A quick search turned up the following;

    Property Rights
    When a marriage ends, property division in Alberta is governed by the Matrimonial Property Act. This act only applies to married couples, not common law couples. So, there is no automatic right to property division when a common law relationship ends. Each party keeps what they own, and joint property is shared equally. If one partner is not satisfied with that result, they can apply to the court on the grounds of unjust enrichment, which is a lengthy and complex legal process.

    Summary
    By now, living common law in Alberta gives a person the same rights as a married person with the exception of property division upon separation and dower interests upon death.
    Last edited by Star1995; 07-23-2016 at 02:55 PM.

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    My understanding: It's only 50% of what goes up in value after you move in together.

    You pay $300k for a house. She contributes $60K and you contribute $240K. 2 years later it's worth $350k, you both split the $50K and take $25K each + your original downpayment. She doesn't walk with $175K.

    Now of course please confirm if I am wrong.

    They should teach this stuff in high school lol
    Originally posted by rage2
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    What if you have a girl move in, but your mortgage free? shes not entitled to shit right?

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    There are no property rights for common law in Alberta. Everyone assumes it's 50% but that's not actually the case.

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    Originally posted by InRich
    What if you have a girl move in, but your mortgage free? shes not entitled to shit right?
    Yup. Don't sweat it bro.

    Think about it, it would take gold digging to a whole new level. Moves in with you, 1 year later takes half your shit. How stupid is that.
    Originally posted by rage2
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    ...
    Last edited by Sugarphreak; 08-15-2019 at 11:30 PM.

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    Originally posted by Sugarphreak
    1) Start a company and divide it 80/20
    2) Buy the property under the company name
    3) Charge yourselves rent to live there by the company
    4) Write off expenses
    5) Profit??? +Sex
    Is that even legal? Sign me up!
    Ultracrepidarian

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    Rage is the expert on this, ask him.
    I can eat more hot wings than you.

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    Look up Tenant in Common. Taken from the Kahane Law Office website:

    As a tenant in common you can still have the property shared with another person. You can own it 50/50, 70/30, 99/1 . Basically you can have it registered in what ever percentage that you want. When one of the owners passes away, their share in the property will then pass to their beneficiary under their will. If they have no will, then their share will pass to their next of kin as per the intestacy laws. For two spouses who want the other person to get the whole of the house, this is not the best choice as it means that they will need to probate the estate just to pass the home over to them. Better to be a joint tenant.

    Also, Dower Act DOES NOT APPLY TO COMMON LAW OR AIP.
    Last edited by Clever; 07-24-2016 at 10:02 AM.

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    Originally posted by Star1995


    No such thing as Common law marriage in Alberta
    Same shit, different pile The common vernacular used throughout Canada is common law. Nobody says "I'm in an Interdependent Adult Relationship"

    As a general rule, the property belongs to the person who paid for it. Any property you or your partner purchased belongs solely to that person. You have no legal right to the property purchased by your partner just because you have lived together for a period of time.

    However, if you have contributed to the other person’s property, either directly or indirectly, you may have rights. A direct contribution would include, but is not limited to, paying for the mortgage, utilities or renovations. An example of indirect contribution would include, but is not limited to, child care, maintaining the household or decorating the household. You should consult a lawyer if you believe that you have earned a right to the property that is in the sole name of your partner and you had a long term relationship. Property that you purchased and registered jointly makes you both legal owners.

    You cannot exclude your partner from the use, possession or sale of jointly-owned property. You cannot sell the property unless you have consent from the other owner. If you sell the property, you must share the proceeds equally. You or your partner may also consider buying the other person’s share in the property.
    So in essence, prepare your anus if you share the property. You are correct though in that if there is zero financial interest in the partner with no money invested, they may not be entitled to anything. Note how vague it is. Considering the implications of living with someone that earns less than you, its pretty clear that the higher earner/one with more at stake overall loses out in this deal.

    But its a bit irrelevant if you believe in the relationship

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    Date someone with more money than you. The Chinese call it eating weak rice lol
    Originally posted by rage2
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