JV Question - Is it possible for both partners to be on title when only one is on the mortgage?

[Anonymous]

Regarding a joint venture, can both partners be on title if only one is on the mortgage? I am the non-mortgage partner and am looking for the least expensive way to protect my interest in the property (condo).



We will have a joint venture agreement in place. I recall Thomas Beyer advising to file a caveat on the title. I just thought that having my name on the title might be as strong, or perhaps stronger.



Thanks in advance.



Lee

 

[Thomas Beyer]

yes that is possible .. although on closing or on mortgage application time the bank will usually insist both parties to be on mortgage too.



If only one party is on the mortgage, you can change the title later if you wish.



You should have the right to file a caveat .. that doesn't mean that you will [only if things go bad !]

 

[ChrisDavies]

[quote user=jlee]I am the non-mortgage partner and am looking for the least expensive way to protect my interest in the property (condo).



Work with good people. Focus on the relationship more than the property. I have two JV's where we have a written JV agreement but haven't registered caveats.

 

[Anonymous]

Thanks Thomas. I appreciate your quick response.



Chris, I fully agree.

 

[reinvestors88]

Working on relationship is good...but...protecting your ownership is better...so putting a caveat or notice on the title can let you sleep well. My 2cents.

 

[MonteDobson]

Relationships are all fine and dandy, but you must still protect your own interest. File a caveat, notice or interest (depending on the province) on the property ASAP.



As the non-mortgage holder, being on title is the only security you have, so i would suggest you get on there. A JV agreement is great, but it's not worth the paper it's written on if something goes south unless you are wanting to get into an expensive legal battle (speaking from experience).



Now you don't have to file the actual JV agreement on the title, as it then becomes part of the public domain. Talk to an experienced RE lawyer and they will be able to help you. Our last caveat cost a couple hundred bucks.