I moved in with my fiance, and we would like to put my name on the title along with her's. Is this a hard process, and what steps need to be taken without changing the loan with the bank?
2007-02-21 05:12:35 · 5 answers · asked by cubswin03 3 in Business & Finance ➔ Renting & Real Estate
You can be on title, yes, and its simple. You cant be added to the loan without a refi.
Wait until after the wedding-- its only fair-- but then all you need is a quit claim deed. A title company can prepare it for you and get it recorded, all for around $100 or so.
2007-02-21 05:18:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Go to your local court house or go online and type in free quit claim deed - fill it out, and file it at your local court house. This will be recorded at the court house, and your name is added the the deed. Her name is still on the mtg only, but your name will be on the deed.
Adding you to the title in many states can cost almost nothing. All you have to do is pay for a quit claim deed and then the filing fee for recording it. You need to talk to the recorder of deeds office in the state in which you live to make sure that the cost of recording this type of deed will be inexpensive.
The question your boyfriend has to answer is what is he trying to accomplish by adding you to the title? Is he trying to protect your right to continue to live in the property if he dies suddenly? Is he trying to avoid writing a will? Is this about estate issues?
The real issue is if he adds you to the deed and you guys break up, what will happen to the property.
If you were married, there is plenty of law behind what each spouse is entitled to in case of a breakup, but in your case, as unmarried partners, the law isn’t as clear.
Having you on title may allow you to take deductions on your federal income tax return to which you would otherwise would not be entitled. You and your boyfriend would have to decide who would get the tax benefits from the ownership of the home.
If you get married, these issues may disappear, but you should still talk about them now.
If your boyfriend wants to protect your interest in the property, but decides against adding you to the title, he can write a will that state you will inherit the home when he passes. If you two break up, he can write a new will.
2007-02-21 22:36:08 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
It's very easy. Call any title company and they can draft a quit claim deed for you. Go in and sign it, and either record it yourself or pay the title co. to do it for you. Whole thing should be less than $100.
Many states give spousal rights immediately as part of getting married. This may be completely unnecessary, but if it makes you feel better... The title co. might be able to tell you if it's even worthwhile, though unless you're talking with one of their attorneys, they can't really give legal advice.
2007-02-21 13:54:43 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Added to the Title or the deed. It varies on whatever state you live in. here in NY, you would need to do a refinance to add your name to the mortgage and then you would be added to the deed by the process of a quitclaim deed....
2007-02-21 13:18:16 · answer #4 · answered by ladylaw_912 4 · 0⤊ 0⤋
Call a local title company, its called a quit claim deed.
2007-02-21 13:22:38 · answer #5 · answered by orderless1 1 · 1⤊ 0⤋