How do you add someone to the title of property?
Question Details:My mom wants to add me to the title of her property. Can we do it by filling out a quitclaim deed? If yes, will the amount be half the loan amount on the property or half of the purchase price of the property? Will she have to refinance or mortgage become due if she adds me to the title?
There is probably a due on sale provision in the mortgage and will have to refinance.
The title and mortgage are two different things. "Title" is ownership. You Mother can execute a Quit Claim deed from her alone to you and her as joint tenants (with or without rights of survivorship). Quit Claim Deeds are not the best. Warranty deeds are better. The deed will need to be filed.
A "mortgage" is an interest in the land created by a written contract and providing security for a debt. It is usually issued by a bank or lending company. The issuance of a new deed does not effect the mortgage per se, in that it does not add you to it. In order to be responsible for the mortgage you would have to refinance the mortgage with the bank.
I would seek help from an attorney with all of this. He or she will be able to tell you what will be best to do.
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