Hey, everyone!
So my dad is retiring and he's never lived in a house before, so me and my fiancé decided we would be willing to pay the mortgage with him if he were to purchase a house!
So we purchased a house for $500,000. He put down $170,000 down payment. We are putting $0 downpayment. So this means we have a $330,000 mortgage. Me and my fiancé (future wife) have agreed to pay 75% of the house cost (mortgage, property tax, home insurance, etc.) while my dad will pay 25% of the house cost
We want to make sure his $170K is protected. (So that if we end up selling the house or something in a year, we won't suddenly take his entire downpayment and screw him over at his old age.
We agreed to put the title as 99% my dad and 1% me and my fiancé. There is a supplementary legal agreement with the title that states that whatever we pay for the house cost will return to us as a certain % of the house when we sell.
My mother in law (fiance's mom) is absolutely livid and furious. She says that my father should only take 35% ownership and forfeit the rest of his downpayment to us in case we sell.
I'm really trying to see her perspective and perhaps take some suggestions from you lovely folks as to what to do. Am I missing something here??? Is my mother in law seeing something I'm not?
If we are both going about this the wrong way, what is the best solution? Thanks, Reddit! :)
Submitted March 14, 2017 at 07:25PM by Exoma http://ift.tt/2nqykW3
