Boyfriend's parents gifting 100k for our first home, how can I protect myself in the long term? 21F

These are not silly at all. However, you need to keep two things in mind:

  • there are names on mortgage documents
  • there are also names on the title to the house

Your name MUST be on the title to the house. If it's not, tell your boyfriend that this is a deal-breaker. If your name is not on the title (alongside his) then - as a non-wife - you have exactly zero claim to the house. You're either a guest or a renter and you will get no equity. Your boyfriend can kick you out and you'll get no compensation.

Now the mortgage is more tricky. For instance - if you have 2 people applying for a mortgage then the credit agencies take the lowest credit score in the approval process. You also need to have income and hopefully that's all settled.

You don't need to have your name on the mortgage. It's a crappy move on your part because, technically, you can break up and only he would be liable for the mortage. So for sake of fairness, you should have your name on both or none.

I know you're moving in close but assuming the title will take some time to change then draft a legal document about this and either have the father draft it using simple language or spend a few hundred to get a lawyer to draft it.

I know you're excited and you love your boyfriend and this is a nice gift but there are plenty of people who post here that share horror tales of being screwed. Protect yourself here and good luck.

/r/personalfinance Thread