Can I add a conditional gift funds on the purchase of house? BC

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Customer: Hi, can I add a conditional gift funds on the purchase of house?
JA: What province are you in? It matters because laws vary by location.
Customer: BC
JA: Are there any relevant dates or timelines to consider with this?
Customer: no
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Answered by Joey in 2 hours 1 year ago
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Joey
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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes only. I am licensed Canadian lawyer; however, you would need to retain a lawyer to take any legal action and/or preserve any of your legal rights. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

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Joey, Expert

Good morning– sorry to hear of the situation. Can you please clarify what you are seeking to do?

Customer
Hi , I’m trying to buy a house , and the downpayment is from my parent , i am also going to marry with a guy , how can I protect my downpayment not been taken if I divoce in the future
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Joey, Expert

You should sign a prenuptial agreement confirming that this down payment will not be split, otherwise your parents should register a mortgage on the property for this amount.

Customer
I know that We can add a premarital agreement before we marry or some other idea can make it better ?
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Joey, Expert

The mortgage option is best way to protect it. It will cost a bit more in legal fees, but this way there is no dispute that this money is a loan and not subject to splitting at divorce.

Customer
Does this one can do by myself or have to let my fiancé to know ?
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Joey, Expert

He would need to know if a mortgage is being registered against the property.

Customer
Coz the house will be under my name only , when I purchase the house ,doesn’t need my fiancé to appear right ?
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Joey, Expert

If his name is ***** ***** title, you can add this mortgage without telling him.

Customer
I see , so this mortgage can be added together of the date of the purchase with my lawyer right ?
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Joey, Expert

Let them know in advance so they can prepare the paperwork.

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Joey, Expert

Does that help answer your question today or did you have any follow up questions?

Customer
the real estate lawyer can do this too right ? I don’t need to hire two lawyers
Customer
65311;
Customer
If I marry with my fiancé right now before I buy the house, coz the house I already paid the deposit, right now I m waiting for the completion date.
Customer
If we marry during this situation, i still can make the mortgage thing into the paper when the house is complete, it’s nothing going to influence the results right ?
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Joey, Expert

Generally speaking, all property acquired during the marriage would be split. If you want to protect your parents money, you should either have a prenuptial agreement or register a mortgage against the property in their favour.

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Joey, Expert

Yes, your real-estate lawyer would add a mortgage to the property.

Did you have any further questions about this issue?

Customer
Thanks for your advice , really helpful!
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Joey, Expert

Thank you for using JustAnswer. I wish you the best of luck. If you have any follow up questions about this matter, please do not hesitate to reach out to me.

Customer
Ok , I will , thank you ! Have a nice day !
Customer
Sorry , one more thing I need to ask, my parents is not in Canada , so they doesn’t need to be here in person when the mortgage loan taken place right ? Is there any document they need to sign ?
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Joey, Expert

The real-estate lawyer can have them sign it electronically.

Customer
Hi Joey, can I get someone here to put an agreement or I have to go to the local lawyer office ?
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Joey, Expert

You would need to retain a lawyer. JustAnswer does not provide any legal services at this time.

Customer
Ok, thank you , and do u know what is the average price for put a prenuptial agreement in BC ?
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Joey, Expert

Anywhere from $750-$5000 depending on the complexity.

Customer
Where can I get a reasonable price for that ? Or how can I compare the price ?
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Joey, Expert

You would need to call several lawyers and comapre prices.

Customer
I see… thanks :)
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Joey, Expert

You're welcome.

Customer
Hi, Joey, I have another question about the prenuptial agreement, each couple can only have one agreement not one for each right ? What I mean is everything about me and him in one agreement
Customer
it’s like one agreement can protect both of us , or I have one agreement, my fiancé have another one .?
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Joey, Expert

Only one agreement between you two.

Customer
Thanks Joey !
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Joey, Expert

You're welcome.

Customer
Hi Joey, hope you have a wonderful day , i have a question about the prenuptial agreement, can we find a format to make our own agreement without lawyer and then find a notary to notarize.
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Joey, Expert

Hi again - You could, but either party could ask the court to set it aside if you each didn't receive independent legal advice prior to signing it. It's risky.

Customer
I see, because our satiation is there are not too much complicated thing between me and my fiancé, he just want to make an agreement to show that he will pay half of the down-pay , coz the first property going to use my name on it , he is wondering his name is ***** ***** it then he can’t get his money back if when divoce in the future , but through my knowledge, if we married , doesn’t matter whose name on the title , it’s going to be split automatically by two, right ? So I don’t know if we still need the agreement or it’s just unnecessary.
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Joey, Expert

Generally speaking, all family property is split evenly at divorce. If you both are putting 1/2 the down payment, it wouldn't make a difference.

Customer
I have a. Loan from my father , and if I use the loan to pay my Downpayment , its that going to be counted as shared property when we married?
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Joey, Expert

It would be counted as yours unless you want your father to register a mortgage on the property.

Customer
Ok , so if we married first and then the house completion day is after , when I signing the house documents , on that time , it is not gonna be too late for my father to register mortgage on the property right ?
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Joey, Expert

It should be registered at the same time the property is closed. The real-estate lawyer would do this.

Customer
the marriage not gonna influence the mortgage from
My father right ? Even we sign the prenuptial agreement.
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Joey, Expert

If there is a mortgage, it must be paid to that person.

Customer
Ok , thanks, Joey ! And another thing is My fiancé had a previously apartment with his ex wife, after he sold this apartment, the Money is not accounted as our shared property is it ?
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Joey, Expert

Only property acquired after you are married.

Customer
I understand, even he sold the property, the money is not shared between us right ? Until he decides to buy another property, then that one gonna be counted as our property?
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Joey, Expert

Only property acquired after you are married is considered family property. Anything before that is not.

Customer
Thanks, ***** ***** it
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Joey, Expert

You're welcome.

Customer
Good afternoon Joey , I just ask my real -estate lawyer, she said she can’t help me with the mortgage loan for my parents because she is representative between me and RBC bank .
Customer
Is that mean I have to find another lawyer doing it separately?
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Joey, Expert

Yes, you should retain another lawyer if there is a conflict.

Customer
Ok, then how does it work ? I find another lawyer to do the second mortgage things individually, when it is the complication day coming , shall I provide this mortgage things to the realtor lawyer together or I don’t need to .
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Joey, Expert

Find a second lawyer for the second mortgage. It could be added after the home is purchased.

Customer
After purchased ? Does it still account ?
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Joey, Expert

You can add a second, third or fourth mortgage at any time after purchase.

Customer
Me and my fiancé going to marry maybe before the house purchased, so that’s why I would like to make a mortgage things
Customer
If I added mortgage after we married , is it still my father’s money ?
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Joey, Expert

As long as the mortgage is registered against the home, then you would legally owe your father that money.

Customer
I see , so it’s doesn’t matter when it going to be registered before or after our marriage
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Joey, Expert

If it's registered, then the money is legally owing.

Customer
But if we married first , How can they separate the money from my father and us ?
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Joey, Expert

If it's registered on title, both of you would owe it.

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Joey, Expert

If you want it separated, then have a signed loan agreement that's notarized.

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Joey, Expert

Or, have your father added on title and have an agreement that he owns X% of the property.

Customer
My father name is ***** ***** to on the title for sure , what I’m mean is the loan can be added on after we married right ?
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Joey, Expert

You can add a mortgage at any time.

Customer
Otherwise we have to make a prenuptial agreement, or I can added a loan for the mortgage after we married it’s not a problem right ?
Customer
My point is if we married , then the downpayment goi to be spilt by two, can I still add a loan after ?
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Joey, Expert

If a mortgage is added to the property, you both would need to agree to the mortgage since you both are on title.

Customer
No, the thing is , the title is on my name only . My fiancé name is ***** ***** to add on the title
Customer
For this situation we talk about earlier, you said I can add a loan without telling him
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Joey, Expert

Your finance would still be able to make a claim against the home. I think it might be best to do a prenuptial agreement so it is crystal clear what your intentions are.

Customer
if I only do a loan on the mortgage, it’s not enough when he put this seriously right ?
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Joey, Expert

A loan would be a private agreement. A mortgage would be secured and enforceable against the property.

Customer
Just want to make sth to show him that if he want to think about that way in the future, then it’s not that easy, so a loan is the way that I need right?
Customer
I m confused about what u said a loan and a mortgage, are they different things ?
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Joey, Expert

A loan would be you borrowing money from someone, like a credit card or friend. A mortgage would be a loan secured against a property. If the loan isn't paid, the creditor can seize the property.

Customer
Good morning Joey, As we talked the day before about the loan and mortgage things added on the property, so what I should do now is to find a lawyer to make a loan first to show that I borrow my father’s money and the money is for the house downpayment , this one I can do it right now or anything before the house completion day . Then add a mortgage on this house after the house it’s purchased, is it correct?
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Joey, Expert

If you borrowed the money from your father and you want it documented, retain a lawyer to draft up a loan document and have it signed.

Customer
Ok , thanks. And also the mortgage on the property is have to be added after purchase ?
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Joey, Expert

A mortgage can only be added once you have title of the property.

Customer
Ok, thank you Joey .
Customer
the title of the property is under my name only, so I can add mortgage after the property purchased right ?
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Joey, Expert

You can only add a mortgage once you legally own the property. You cannot mortgage a property if you don't own it.

Customer
Of course I own it, this property will on my name , I applied the mortgage and it approved,and my father is the support .
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Joey, Expert

Great.

Customer
Thanks for the advice Joey! Have a nice evening.
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Joey, Expert

You're welcome.

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