Buying home for parents comes with risks

Ilyce R. Glink column also has this question;

Q: I signed a quitclaim when I purchased my first new home because I am partnered with a woman. I was told this was a way that she could have something to hold on to in case we were ever to break up. I just want to know if this means I no longer have ownership in our property.

I gotta bad feeling about that question. It sounds like she could kick him out anytime but he would still be liable for the payments. The worst of both worlds.

December 21, 2006 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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