Posted on: 07th Dec, 2010 02:25 pm
my wife and i live in camden county, nj and we would like to add our daughter to the deed are there ant special requirements to do this other than filing a quit claim deed?????
Do you have a mortgage on the property?
If you have a mortgage and add someone to the deed, you will have technically triggered the due on sale clause in your mortgage.
That means if the lender finds out, the lender can call the loan due in full.
Best check with the lender to see if they have any procedure which allows adding someone to the deed.
If you add someone to the deed and always pay on time, probably nothing bad would ever happen because the lender would never find out, but, that is not an action you should take.
If you have a mortgage and add someone to the deed, you will have technically triggered the due on sale clause in your mortgage.
That means if the lender finds out, the lender can call the loan due in full.
Best check with the lender to see if they have any procedure which allows adding someone to the deed.
If you add someone to the deed and always pay on time, probably nothing bad would ever happen because the lender would never find out, but, that is not an action you should take.