house title

camcinnis · Joined: 28 Oct 2009 Posts: 2 1.43 Dollars($)

How does my common law husband add me to the title of our house? Also, if he does that, will my credit affect his? My rating is somewhat damaged whereas his is really good.
Thanks

jveenstra · Posted: Wed Oct 28, 2009 2:21 pm Post subject: Title

Title/ownership is not reported to anyone's credit report. If you are on title it does not affect your credit and it does not affect his credit.

If there is a mortgage on the property and you are added to title, that technically triggers the acceleration clause and if the mortgage lender finds out about it, they can call the loan to be paid in full within 30 days. If the mortgage is always paid on time, they may never find out about it.

If there is no mortgage on the property, adding you to title is fine.

camcinnis · Joined: 28 Oct 2009 Posts: 2 1.43 Dollars($)

Thanks for your quick reply..no, no mortgage on the property. We live in Canada; does that change anything? Also, where does one go to do something like that?

Posted: Wed Oct 28, 2009 2:49 pm Post subject: Title

In the U.S we do a quitclaim deed, best done by an attorney.

Sorry, I have no idea what the procedure is in Canada.

savior70 · Posted: Fri Oct 30, 2009 5:08 am Post subject:

To camcinnis,

In the US, a quitclaim deed is used to add someone to the property title. The current title holder signs the deed as grantor and the person being added to the title signs on the deed as grantee. After signing on the deed, it has to be notarized by a notary public. The notarized deed is then recorded with the land records office.

Adding someone to the title does not affect the credit score is any way. Property ownership has nothing to do with the credit score. Thus, whether you're adding someone to the title or you're being added, your credit will remain unchanged. However, I'm not sure if the same thing happens in Canada.

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