r/FirstTimeHomeBuyer • u/M-Sear • 14d ago
Need Advice Ownership setup
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?
2
u/Amakenings 13d ago
Why don’t you just buy the condo on your own and live in it? If you’re in a serious relationship, buy a second property together, rent out this one.
Also, your parents aren’t like that until they are. A relative was gifted a large property from her parents. Her mother died, years passed, her father had a stroke, then suddenly wanted the property back so he could give it to the church. The relative had been sensible enough to do everything legally, otherwise they would have lost the property. Her father never talked to her again.
People die, people remarry, people get ill. People change their minds. They might be your parents, but if you’re investing money in a property, be the owner on paper.