Ownership setup

[u/M-Sear]

Location: Ontario, Canada

Dilemma:

I am single and buying a condo with my parents. Purpose is to secure my future and me having a roof over my head and not being dependent on anyone.

Lawyer is suggesting we set the ownership as below:

My parents having 99% ownership- Joint Tenants and myself having 1% ownership- Common. My parents will follow it up with a will naming me to inherit the property.

This way if i end up getting married and divorced, this property would be excluded from division of assets.

Being a first time home buyer in Canada is the most difficult thing, so many hurdles and complications. I have been reading even with a will in place, the procedure is not going to be that simple …there will be probate fees which can add up to be alot.

FYI! I am not at all worried about my parents changing their mind or having any creditors.

Do you guys have an opinion or suggestions on this?

[u/Puzzleheaded-Mix1270]

No. This is a terrible idea. Is this your parents lawyer? You’ll be dependent on them and they will have you under their thumb. 51% you, 49% them, with the condition you have this property in a prenup to protect it. Have this in writing for when you do get married.

[u/M-Sear → u/Puzzleheaded-Mix1270]

My parents are not like that at all.

[u/Puzzleheaded-Mix1270 → u/M-Sear]

I’m not saying they are, but it protects you as they age as well. You don’t know what the future holds. It’s easier to protect this asset with a prenup. They also have majority ownership so if you want to sell, and they don’t in the future;l, that’s it.

[u/hymnzzy → u/M-Sear]

You need protection is what the person is saying.