These are the legal... Executing the Transfer. How to Add a Person to a Property Deed as a Joint Owner Review Your Loan Documents. Not only easy to understand, it also gives you other options and tells you how to do some research. Where available, these tools allow property owners to pass title to their real estate to the named beneficiary or beneficiaries outside of probate court. A property owner who bought a home through a mortgage has the option of adding a person’s name to a deed who has not signed the mortgage loan documents. Go to a notary public to have the document notarized. If you own property in your name alone but want to pass it to your spouse outside of probate court when you die, you may wish to add your spouse to the title as a joint tenant with rights of survivorship. You may be able to get a discount on some fees if you have the original survey and original Owner's Title Policy with you. You would have to refinance to add to the loan. Efficient, Low-Risk Alternatives to Transfer Your Ownership in Real Estate. References Not only are you unlikely to receive an offer with favorable terms in this scenario, but you may also not get a mortgage at all. With these, the property passes to your named beneficiaries, subject to any outstanding mortgage. The deed will then be recorded in the county where the property is located. How much should each person contribute? How can I add another name to a deed of a house that isn't paid for? Obtain a blank quit claim deed form from an … If this is what you want, talk to a lawyer to make sure the necessary documents are in place. Now, imagine that the other person has poor credit—a score of between 600-649. Higher interest rates could mean less favorable terms, so think carefully before deciding to refinance in this climate. This has. You can convey your property into the trust on behalf of another person. By using our site, you agree to our. If you and your spouse (or partner, parent, child, or friend) are living together and sharing the rest of your expenses, why shouldn’t you bear the legal and financial responsibilities of homeownership together? What will happen if one of you dies? But you may want to refinance so that the other person is on the mortgage as well in case something happens. When one joint tenant dies, ownership of the entire parcel passes to the remaining joint tenants. If the latter, who will be responsible for costs? Be prepared for them ... 2. Can I add my mother to a new mortgage as a joint owner? Disclaimer: Communications between you and LegalZoom are protected by our You could probably still get a decent offer with a score like this. Shop around. Complete the form with the date, your name, the name of the person you are adding to the deed and the address of the property, including the county in which the property is located, the lot number and the parcel number. We know ads can be annoying, but they’re what allow us to make all of wikiHow available for free. In legal effect, you now do not own that property. My boyfriend wants to be added to my mortgage. Your access to the website is subject to our If the former, how will proceeds from the sale be divided? Do not sign the form. First, a deed is not the same document as a mortgage. While looking for a lender, fill out a Uniform Residential Loan Application, which will require your full names, social security numbers, pay stubs, bank statements, and tax returns. This article has been viewed 264,285 times. Lower interest rates could mean more favorable terms, so many people choose to refinance under these economic conditions. My child helps me to pay the mortgage as a contributor. Our income has reduced and it is difficult to pay mortgage and other expenses. If you want to add someone to your mortgage statement, you will have to refinance, and the person's poor credit may negatively affect your rate. Approved. Adding a person to your mortgage without refinancing can only work if the mortgage is assumable. You should consult an attorney to prepare a new deed adding the additional name. unlocking this expert answer. This means that, if you have an outstanding balance of $150,000 left on your mortgage, closing costs alone could be between $4,500 and $9,000. Can a new wife be added to her husband's house mortgage if she has bad credit? Depending on your state's laws, it might be possible to add one or more beneficiaries to your property deed by executing and recording a transfer-on-death deed—also known as a beneficiary deed—or other similar instrument. Where available, these tools allow property owners to pass title to their real estate to the named beneficiary or beneficiaries outside of probate court. Doing so may cost more, but it will provide you with peace of mind that your assets have been set up properly and as you wish. If you really can’t stand to see another ad again, then please consider supporting our work with a contribution to wikiHow. This unofficial set-up works best if you are a married couple. Adding a beneficiary to a mortgage deed may not be possible in every state, although some states have enacted legislation allowing transfer-on-death deeds. Chances are, though, you won't have to change anything with your mortgage as long as you notify them of the change.