real estate question?
My partner and I are looing to buy property in the next couple months. He would like to put the title in my name to avoid IRS issues. What are potential cons and pros to this? It is mine only on paper, so I would be signing an agreement that the property is legally his. Any insight would be greatly appreciated. Ontario, Canada
Update:This is a cash deal, no mortgage being held. And yes, I know IRS is not a Canadian term (but the tax man is the tax man!).
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Answers & Comments
Canada does not have an IRS.
They have a tax collections agency but it is not associated with the IRS.
it means you will be the owner. you get all the benefits if it increased in value but all responsible for taxes, etc...
sounds like he may want you to be the only borrower also. that sounds like trouble. I wonder why he would not want to be listed on a loan document?
a; this is a USA real estate forum
b; do not do this as YOU KNOW the intent and thus
it can easily become a fraudulent transaction.
This is where ethics gets involved.
one mad time between you two and whamo, court for months or years.
thus, do not want that walk!!!
If only your name is on the title then you are the legal owner, not your partner.
realtor.sailor