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Warranty Deed

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jnf59 Joined: 30 Jul 2010 Posts: 2 1.00 Dollars($)	Posted: Fri Jul 30, 2010 2:09 pm    Post subject: Warranty Deed Like 0 Dislike 0 I purchased a new house in my name but had my partner added to the Warranty Deed. How am I bound legally to this? Hope I am asking correctly... Thanks for any help
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Jul 30, 2010 9:04 pm    Post subject: Like 0 Dislike 0 Welcome jnf, I hope your name is mentioned in the warranty deed along with your partner's name. In that case, both of you would be considered as the owners of the property. If you've taken out a mortgage in your name, then you are solely liable for the loan payments. _________________ Procrastination is the enemy of your financial success
jnf59 Joined: 30 Jul 2010 Posts: 2 1.00 Dollars($)	Posted: Sun Aug 01, 2010 8:19 am    Post subject: More Info Like 0 Dislike 0 Thanks Adonis... The mortgage is solely in my name, but partner is on the warranty deed. If I sell the house, what rights does my partner have? 1/2 of the proceeds? Just want to know what is at stake... Thanks
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Aug 02, 2010 12:04 am    Post subject: Like 0 Dislike 0 Hi jnf, As your partner's name is mentioned on the property deed, he would be considered as one of the owners of the property. Your partner will get a share from the sale proceeds when you sell off the property. Thanks

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