Posted on: 11th Dec, 2010 08:31 am
I bought house with gift from my brother. Only my name is on mortgage and on deed.
I want to add my brother name. My quesitons are
1. How can i add my brother name as owner ?
2. Do i need to add his name in mortgage ?
3. Any increse /decrese on interst rate ?
4. We both married . After adding his name if any of us need divorce , what will happen .
I am in Dalllas , TX
Thank you
I want to add my brother name. My quesitons are
1. How can i add my brother name as owner ?
2. Do i need to add his name in mortgage ?
3. Any increse /decrese on interst rate ?
4. We both married . After adding his name if any of us need divorce , what will happen .
I am in Dalllas , TX
Thank you
hi aishpatel,
in order to add your brothers name on property deed then you have to sign quit claim deed by help of your attorney. its not required to add him on mortgage while you adding him to property but in my opinion it will be better to add him on mortgage its secure side for you. there some chances to increase interest rates depending on your lenders conditions. also you have to inform to your lender while you adding your brothers name on property deed.
as far as i know texas is community property state, if you both getting divorced your & his spouse will get some share of property as law of community property state.
thanks & regards.
gunz.ijjistaff :lol: :lol: :lol:
in order to add your brothers name on property deed then you have to sign quit claim deed by help of your attorney. its not required to add him on mortgage while you adding him to property but in my opinion it will be better to add him on mortgage its secure side for you. there some chances to increase interest rates depending on your lenders conditions. also you have to inform to your lender while you adding your brothers name on property deed.
as far as i know texas is community property state, if you both getting divorced your & his spouse will get some share of property as law of community property state.
thanks & regards.
gunz.ijjistaff :lol: :lol: :lol:
Thanks gunzijjistaff
If i add his name ,, do he need to pay taxes ? I took some money from him for downpayment as gift. Do i need to show in my taxes ?
If only one of us get divorce and other want to keep property. what happen ?
If i add his name ,, do he need to pay taxes ? I took some money from him for downpayment as gift. Do i need to show in my taxes ?
If only one of us get divorce and other want to keep property. what happen ?
Hi,
If your brothers name is mentioned on property dedd then he must have to pay off property taxes & it's not required to show gift money in your tax.
Suppose your brother getting divoced then his spouce will get her share from you brothers 50% share of property.
Thanks & regards.
Gunz.ijjistaff :lol
sent via iPhone
If your brothers name is mentioned on property dedd then he must have to pay off property taxes & it's not required to show gift money in your tax.
Suppose your brother getting divoced then his spouce will get her share from you brothers 50% share of property.
Thanks & regards.
Gunz.ijjistaff :lol
sent via iPhone