How to protect myself in this situation? A new comer buying home!

[kkbaggio]

Hi there,

Me and my fiancee just back to Canada for 2 months and I'm still waiting for my PR on a visitor status. We are planning to get married in 2014 next year sometime after we are settled down in this new country. ( He has left the country for 10 years working aboard and we both consider ourselves a new comer even tho he is a Canada born Canadian) We found out the living expense is so high up here so we decided to buy a property asap for saving up the money we could have spent in the rental apartment. He got a job and started to work while I am doing nothing since I am a visitor, cannot find any job yet. What I have is saving and I suggested I can pay for the down payment and he will do the mortgage as long as we both have our name titled the property deed.

We went to a mortgage broker and he suggested that I should sign a gift letter to gift all my saving to my fiancee for the down payment and he will be the only one applying for the mortgage. That would save my name for the 2nd time we buy a property as a first time buyer. As we been back for only 2 months, he said the bank wont like it if the money is not in Canada for more than 3 months. It would be better for only my fiancee to apply for the mortgage and have his name on the property.

To me, I do not feel comfortable with this as those money are all I have now and since I'm a freshman here, no friends no families, no job, and my fiancee is stressing a lot for the culture re-shock since we back, and now I have to sign all my money to my fiancee, not saying that I dont trust him but I think I should do more to protect myself in this foreigner country.

I came up with some questions, hope someone can give me some signs.

2. Can we have both our names on the property deed while only have my fiancee's name on the mortgage?
3. If my name is on the property too, am I consider a first time buyer when we are buying our next property?
4. if we got married, I will automatically gain ownership of all the properties under his name?
5. Before we get married, any law to protect common-law relationship?
6. After we got married, do I still have my right to be a first time home buyer if my name was not on the previous mortgage?

I'm so headache.. :'(

 

[zardoz]

My first reaction is "No!!!". As you stand, you have no protection at all if the relationship fails.
My second, considered response, having taken everything into account is "No!!!".

 

[kkbaggio]

is it possible to draft an agreement with the lawyer to protect myself? as gift letter is actually pretty common while a lot of first time buyer their parents or relatives may help them with the down payment, the bank normally need them to sign a gift letter to make sure this is a non repaid gift so the first time buyer is not actually using another loan to pay for the down payment. I'm just trying to be sober yet understanding.

 

[scylla]

I'll help with one question - If your name goes on the deed of the house then you will no longer be a new home buyer when you purchase your next property.

 

[mortgageprofessional]

Hi
Answers to your questions:
2. Can we have both our names on the property deed while only have my fiancee's name on the mortgage?
Fiancee can add your name to title ONLY after mortgage has closed..Legal Advice Reccomended.3.
If my name is on the property too, am I consider a first time buyer when we are buying our next property?
If this is a matrimonial home...........than you are no longer considered a first time buyer4. if we got married, I will automatically gain ownership of all the properties under his name?
Not necessarily.........definately requires independant legal advice5. Before we get married, any law to protect common-law relationship?
When it comes to property under common law....there are no absolute rights of entitlement.Legal Advice Reccomended6. After we got married, do I still have my right to be a first time home buyer if my name was not on the previous mortgage?
....here is the quote from Gov Canada website:
"An individual is considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years."

As a newcomer, there may me lending programs available to you which could assist in preventing some of the points which you had mentioned.
I have left my contact details available on my profile, if you would like to discuss further.
Good Luck

 

[steaky]

I still don't understand why the OP cannot be one of the mortgagor. Sure she cannot work as a visitor but can't she get a work permit or something like work holiday permit like a lot of people from Hong Kong to legally work in Canada? And if she is earning investments income from overseas (such as Hong Kong and Beijing), perhaps she can use this to secure a mortgage?

Also I know an astronaut couple (husband working in China) and they got mortgage despite housewife who lives in Canada does not earn any income. The names of both husband and wife are in the house title and mortgage document.