adding name on house deed

Guest 0.10 Dollars($)

My husband has a mortage on our house in his name only. He is ill and I may need to get my name on the mortage. How do I do this. We really do not have a lot of money for lawyers, the last one charged 1200.00 for a POA. Please help.

colin · Posted: Fri Dec 29, 2006 11:50 am Post subject:

Hi Garfield,

Welcome to Mortgagefit forum.

To get your name included in the mortgage the lender will require the mortgage to be refinanced.

Also your name should be on the title of the house before the lender would agree to it, for that your husband can make out a quit claim deed to transfer half share of house interest to you.

A quit claim is one of the easiest ways to have someone's name included on the property title and is not very expensive also. Let me know if you have any other questions.

I also hope that your husband gets well soon and both of you have a prosperous new year.

Colin

Guest 0.10 Dollars($)

My in-laws own land on which my wife & I are going to build a house. They (my in-laws) have agreed to a quick claim deed in order to get our (my wife & I) names on the deed to the property. Are there any tax ramifications for either of us? How do we get their name off the deed once construction is done? Thanks

Caron

Hi Garfield,

Instead of going for a refinance, your husband can transfer the loan to you by the process of novation. This is because refinance involves a lot of costs almost similar to what you have paid for the first loan.

You may go through a previous thread where our Community had started a discussion over Novation.

Please feel free to share further doubts or queries.

Wishing you a happy new year

Caron.

adonis · Posted: Sat Dec 30, 2006 1:53 pm Post subject:

Welcome Bass.

You can get your name off the land again by a quit claim deed. But if you wish to own the house, I"ll say its better to own the land also. Otherwise, you may have trouble taking loans against your home in future.

Regarding tax implications, you will have to pay property taxes as long as the property (including land and house) is in your name. For the details, you may check out discussions on Tax implications of Quit Claim.

Samantha

Hi Bass,

The recipient (person receiving property) may need to pay real estate excise taxes while the transfer is made. If there is mortgage against the property at the time of transfer and the recipient assumes the loan, then he should pay excise taxes on the balance of the debt.

However, if the property is transferred free and clear of any mortgage debt, then real estate excise tax is not due.

In your situation, if you get the property free of any mortgage, then you need not pay excise taxes.

Hope this will help you.

God bless you.

Samantha

Caron

Hi Bass,

Depending upon the state laws, you may not have to pay tax for the transfer of title from your in-laws to you and your spouse. This is because both of you will not be paying the in-laws any money in return.

The transfer of property from your in-laws will be treated as a gift as you are not paying them any cash. You need not pay the gift tax nor is it required to pay income tax on the gift. Your in-laws may have to make payments on gift tax if they don't qualify for the exemption limit.

Hope this is now clear to you.

Happy New year!

Caron.

Guest 0.10 Dollars($)

My boyfriend is paying on his own home.If i marry him,can he put me on the deed,or only leave the house to me in a will?

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

A title company can prepare the deed for much less. Typically for about $50. This is a good comprimise between trying to do it yourself (and possibly messing up) or overpaying an attorney to do this.

Guest 0.10 Dollars($)

my fiance is buying a house when we get married can he add my name to the deed and does that give me ownership rights? my credit is not good so he is buying the house using his credit.

jerry · Posted: Fri Oct 10, 2008 5:09 am Post subject:

Hi Wanda!

Yes, you will get ownership rights once your name is on the deed.

Thanks,

Jerry

gmakerley · Posted: Fri Oct 10, 2008 7:30 am Post subject:

wanda, when he purchases the home, he will be promising to the lender that he will pay his loan in full if he transfers title. adding you to the title will constitute a transfer. he may want to discuss this with his lender, his attorney, etc. prior to the closing to ensure that there are no difficulties arising from this plan.

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