Hi.

 

I purchased a house last year  Sept 2001  I borrowed my down payment for my RRSP.

 

My son had agree to co-sign the mortgage in order for me to qualify for the mortgage as my income was not enough, as I'm on disability income of $24,000 gross income.

 

He had agreed that his name would not be on the deed, but when all the documentation was ready to be finalized the Mortgage company required that he be listed on the deed of the house.

So the Lawyer drew up the contract or deed to indicate that he was  (an undivided 1% interest as tenants in common). and I was (an undivided 99% interest).

 

My son did not offer any deposit for the down payment as it was for my house and I did not ask for any, I had agree with him that he pays me $400.00 by-weekly to help with the household expenses, more like room and board. e.g.: heat, water, mortgage, hydro, cable, phone, mortgage insurance, and food. I pay the rest of  what his $400. don't cover.

 

He plans on getting married at the beginning of October , and have his wife move in  with us.

 

My question is how can I protect my investment,  He's under the impression that he owns 1/2 of the house, and I'm sure she does have the same impression too.  I have call the lawyer that drew up the deed and she suggested that I make him and her before the marriage sign a document stating the neither one had any interest in the property, that is name was only put on the deed to satisfy the mortgage company. But that would required each of us to obtain a lawyer, and my son can not afford one, and refuse to sign any such documentation.

 

If I don't take any action now what will the consequence be down the road, and how can I protect my interest in keeping  my house.

 

Your help will be greatly appreciated

Thanks again for listen and for any advise you might be able to give me.

 

P

 

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David Ingram replies

 

I do not use this address any more.  You should have received a message with a cryptic allusion to the new address which is taxman@centa.com.

 

You should absolutely have your son and his new wife sign a document acknowledging that they have no interest in the house if that is the correct position.

 

He and his wife can absolutely claim a constructive trust interest in the house after she has helped clean it and he paints it, etc., etc.,

 

If he cannot afford his own lawyer, you pay for it.

 

otherwise do not let her move in.

 

Good luck - you are between the devil and the deep blue sea and will need all the luck you can get.

 

david ingram