me and my husband are planning to move into a home that we are currently renting out. I'm trying to understand all this "house stuff" and asking alot of questions. My husband is a momma's boy and sometimes that isn't SOOO bad. BUT she does have alot to do with things in his life. and I just found out her name is on the DEED to OUR home! why is that so? I can't get a striaght answer from my husband. I'm asking what does that mean with her name being on it to and I want it off regardless. I think he isn't sure what it does with her being on the deed. Personally I think she is a wack and want her name off NOW! question again is..WHAT DOES THAT DO? with her name on the deed too, and how can i get it off? THANK YOU so much
2007-03-11 16:33:01 · 8 answers · asked by ebo 1 in Business & Finance ➔ Renting & Real Estate
Well it depends. If she was a cosigner on the mprtgage, then she will be on the deed and there's nothing you can do about it except refinance. You'll need her permission.
If she's not on the mortgage, then "someone" specifically asked that she be added to the deed. If that's the case, she can easily be removed, with her permission.
What does that mean? She has an equal legal share of ownership. You can't sell or refinance without her signature.
I'm trying to side with your husband, but I can't. Sounds like he added Mom without telling you. I'm guessing that he did that to protect himself in case of divorce. I'll further speculate, from experience and the tone of your question, that it was Mom's idea...
Woof.
2007-03-11 16:42:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It means she is just as much an owner of the house as you are.
You can't get her name off the deed unless she agrees to it and executes a quit claim deed relinquishing her portion of ownership in the property, or until you sell the house, at which point she will also have to sign the warranty deed being issued to the buyers and may want some money out of you before she agrees to sign.
I don't know how you ended up in this situation, but it's a real mess. You and your husband need to have a really serious talk and you need to get an appointment with an attorney who does a lot of residential real estate work as soon as possible.
2007-03-11 23:43:01 · answer #2 · answered by CHBN 3 · 1⤊ 0⤋
Before I go too deep in to the implications you ask about, I really want to know, how it is possible that if you are a current owner of the house (along with your husband), how it is that he could have added his mother to the deed without your knowledge. You would have had to signed the deed adding her name to your home (unless of course you have no ownership, in which case, what your husband decides to do with his home is his business, and he wouldn't need to include you in it. If that is the case then you would have had to of signed a Disclaimer Deed at some point, which basically says you have no rights to the property, or he owned the home previous to your marriage to him, in which case no Disclaimer Deed needed).
As for why her name is on the deed, usually this is done for financial reasons (i.e. you and/or your husband wouldn't have been able to qualify for a loan without the help or co-signing of his mother, in which case I think you would have well known her name would then have to be on the title to the house along with the rest of the owners' names).
As for what this does for her, you, and your husband (the impacts). If his mother had been on the title since day one, there would only be a tax implication to his mother at the sale of the house (because she doesn't live there, her share of ownership equals her share of the capital gains in the end, which means she owes taxes on her share of the gains). If she was signed on after that fact, it would be like gifting her the equity in the home (again, another tax implication for her).
Tax implications on her part aside, liabilty issues for you, your husband, his mother, and the home come in to play. If she gets sued, her share of ownership could be laid down as an asset, yes that means if she does something stupid and someone wins a lawsuit for it, that person could end up owning her share of the house. however on the flip side, if something happens on the property which leads to a law suit, her share of ownership worth of liability hang on her, thus removing that share of liability from the owners left over.
Death or Divorce could cause some real problems as well. If she dies and the title isn't held correctly between her and the other owner(s) her share could go to all of her rightful heirs (i.e. any husband she might have, your brother's siblings, if there are any) it could cause a nightmare in probate. If the property is held correctly and you have ownership the same as his mother, if your husband dies, 50% of his ownership goes to you, the other 50% to his mother. In the case of Divorce (God forbid), if you divorce your husband and you hold ownership to the property, you are rightfully only owed your share (which would be 33% vs 50% if his mother wasn't an owner).
It all comes down to one thing, if there is no good financial reason for her name to be on the deed, then there is no reason she shouldn't be removed. Your husband needs to come clean on this and tell you why his mom owns the part of the house she owns, I am sure there is one heck of a story behind it.
If your name is on the title, I would be finding out how he got her name on it without you knowing about it (more than likely a forged signature made that happen, in which case if you can prove it isn't your signature, you can dispute it, and have her named removed). If you don't own title to the house, then there is really nothing you can do about it, it's his house.
2007-03-12 00:05:40 · answer #3 · answered by asmul8ed 5 · 0⤊ 0⤋
Did she co-sign the loan? Did she own the home before you 2 married? Did she give you both money to buy the house? Her name didn't appear by magic. Your husband had it put there.
You might want to have a serious talk with your husband about honesty especially in regards to your marital assets.
You might want to discuss your options & quit claim deeds with a real estate lawyer. However, chances are good that she's not going to want to release a valuable property.
2007-03-11 23:46:32 · answer #4 · answered by low_on_ram 6 · 0⤊ 1⤋
First of all, if you and your husband were ever to divorce, you would only get one third of the value of your home instead of 50%. Also if your husband died, there again your share would only be 50%. I am not sure why he would deliberately have her name on yalls Deed. Did he own this property BEFORE yall married? If so you would not legally have any rights to anything he owned before the marriage, only what you two have bought while being married.
2007-03-11 23:43:13 · answer #5 · answered by donna_honeycutt47 6 · 0⤊ 1⤋
It means she is part owner of the house and entitled to any equity or profits from the house. You need to do a "quit-claim" deed to get her off. I would get it done immediately.
Did she help you buy the house?... Maybe she demanded her name be on the deed for helping.
2007-03-11 23:43:33 · answer #6 · answered by Big Mouth New Yorker 2 · 0⤊ 0⤋
He probably needed a co-signer or down payment money or something but why he won't tell you is strange. You'd best be checking to see if he dies, who gets what in your state. Or maybe this is his sneaky idea of a pre-nup. You can't get it if you divorce. I'd be finding out. Good Luck and God Bless
2007-03-11 23:53:42 · answer #7 · answered by moonrose777 4 · 0⤊ 0⤋
all it means is that if you ever want to sell it, you have to get her to sign also unless she dies, and then maybe you'll have an issue
2007-03-11 23:42:38 · answer #8 · answered by ana82juarez 2 · 0⤊ 1⤋