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Co owner in house?
I am a housewife with a 5year old kid. My husband and I have been thinking of purchasing a house for us for our settling purpose for the future. My husband after speaking to his parents is thinking of having a house jointly owned by his father mother and brother but not me. I feel this is not correct. As my kid and I are totally dependent on him.. I wish to know the pros and cons if he does a thing like this and how to make him understand that he has responsibility towards us and that by doing this he is making things complicated. I even feel that property is something that we should not have joint with relatives as it creates rift in the long run....Kindly suggest
Am I over reacting or am I correct on what I think..
PS I am not greedy or stylish. I don't wish that husband should expect any thing from his parents and don't mind if their 2 houses that they own they give to their younger Don. I just want that what my husband purchases should be our security .
PS my brother in law doesnot do any thing and is a bachelor..
1 Answer
- anonimitieLv 75 years ago
"I feel this is not correct." How is it incorrect? Though this is better than the last time you asked this, you're still being vague. What are you worried about?
Co-ownership of a house is a TERRIBLE idea and will almost certainly end in tears. I get the impression none of them have got a good grasp on what their getting into nor thinking it through.
Who pays for repairs? Who pays taxes? What happens if the taxes aren't paid? What happens when they learn taxes weren't paid because there's a lien on the place? Who's responsible for what? What happens when they fail to tend to those responsibilities? Who get to live in it? What if one of them doesn't like who's living in it?
If you're concerned about estate issues, you should be. Co-owner in a house just makes it more complex. However, all he has to do is will hos share of the house to you. Then, you an sell that share and enjoy trying to work that out with the other co-owners. Have they decided how that's going to work?