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

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.

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

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.

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.

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

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

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

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

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.

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

Did you have any further questions about this issue?

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.

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

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

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

You would need to call several lawyers and comapre prices.

You're welcome.

Only one agreement between you two.

You're welcome.

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.

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.

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

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

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

Only property acquired after you are married.

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

You're welcome.

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

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

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

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

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

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

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

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

You can add a mortgage at any time.

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

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.

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

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.

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.

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

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

Great.

You're welcome.