Does putting my name on the deed of a home that my parents own make me a part owner as well?

Question

I know all this has to be written and I know that it needs the consent of the people on the deed but my question is if I do get consent and it is written, and my name is added to the deed, will that allow me to be part owner of the property as well? Am I allowed to then refinance the home in just my name without my mom and dad so I can claim the interest and taxes that I'd pay on the property? I understand that they'd still be owners of the house but I just want to make sure I am also considered an owner. Can this all be done at the county recording office as far as getting my name added? Thanks.

Answer 1

If the home is owned out right by your parents and they do not owe any money on the property, you can have your name added, but if they still owe then the mtg comp will have to pull your credit as if you were purchasing they home.

Once your name is on the home, you become 1/3 owner and cannot refinance without all parties involved. Sorry! Best of Luck

Answer 2

You will be a part owner. If you have power of attorney over your parents you can refinance without their consent. If not you absolutely need their signatures to refinance. You are absolutely an owner. The flip side is that once you are on the deed they can not do anything without your permission . You would be an official owner. If the idea that the house is also going to be a part of your inheritance, I would make sure that they do not leave their share of the house to someone else, ask for a look at the Will . I know that they may not be the most comfortable thing to do.

Answer 3

Is this a scheme to get money? Only the owner of the house can change a deed, through an attorney. And to refinance, all the people on the deed have to be in on the deal.

Denielle, it's "Quit Claim"

Answer 4

Yes, it makes you an owner of the home. Yes, you do have rights to refinance teh house. With your parents names on the deed too you would need them to quick claim the property to you if they dont want to be on title. If you did the loan in all your names for approval reasons you will need to leave them on title. The title company can answer all of your questions.
Good luck!

Denielle Hass
www.americanhm.com/denielle.hass

Answer 5

You would need to have a new deed prepared adding your name to the property, signed by your parents and notarized and recorded in the county recorder's office where the property is located. This would make you an owner with your parents. To mortgage the property, both you and your parents would need to sign the mortgage. It would be up to the lender if your parents would need to sign the note and other loan papers making them responsible for the debt. It is possible for you to be the lone debtor on the loan if your bank agrees. Your parents would be signing the loan papers with you quite simply so if you defaulted on repayment the bank could foreclose. Talk to your parents, talk to your banker.

Answer 6

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Answer 7

Yes, even your a owner or a Forger

Answer 8

yes it dose make you part owner and thusly you also have the responsability for the taxes and the morguage

Answer 9

hell yea

Answer 10

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