Yes, you can add someone to your property title without including them on the refinanced mortgage loan.
Regarding property ownership, two essential documents are the deed and mortgage. Out of these two, the deed is undoubtedly the most important one. It acts as concrete evidence of your rightful ownership of the property.
If you want him to be on the deed at closing, then you'll need to contact your lender immediately and ask that a co-owner is added to the deed and not the mortgage. If you were approved on your own, it shouldn't be a problem, but again, you're taking all the risk here and providing him all the benefit.
In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die.
If solely in the deceased spouse's name
The surviving spouse can often assume the mortgage, but this process may involve credit checks and lender approval. If the surviving spouse cannot assume the mortgage, other options must be explored to prevent foreclosure.
At the time your quitclaim deed is recorded, you will need to pay a filing fee and any reassessed property taxes based on the change in ownership. The filing fee should be minimal, under $100, with most states charging under $50.
In the event you opt for two names on the title and only one on the mortgage, both of you are owners. The person who signed the mortgage, however, is the one obligated to pay off the loan.
If Your Spouse Isn't Paying the Mortgage
The bottom line is that your soon-to-be ex remains just as financially responsible for your shared mortgage as he or she was before (even if only you are living there while your divorce is pending).
If your surviving spouse isn't on the mortgage, federal law provides protections allowing them to assume the mortgage and keep the home. This is assuming they (and not someone else) inherit the property. The surviving spouse must also be able to afford the mortgage payments to assume the mortgage.
For a community property in California, it depends upon when and how their spouse acquired the property. The law asserts that all property purchased during the marriage, with income that was earned during the marriage, is community property.
It's also an instrument that is used to transfer property interest from one party to another. New homeowners typically get a copy of their deed at the time of transfer.
When there are two names on a title deed, it means that there are joint owners of the property and each person owns an equal share of the property. The mortgage does not need to include both names to be valid. Even if the mortgage only lists one spouse, it does not affect the share of the ownership of the property.
If you want to keep the house and don't have enough equity to do a cash-out refinance or the money to pay your ex their share, the solution might be a home equity line of credit (HELOC) or home equity loan.
Your mortgage doesn't just disappear when you pass away. If you've bequeathed your home to a beneficiary, they'll inherit the balance on your home loan as well as the property itself. If the lender doesn't receive prompt payment, it can impact your credit score or even lead to foreclosure.
Can someone be on the title and not the mortgage? Yes, someone can be on the title and not the mortgage.
It does not matter who bought the property or whose name it is titled in. If it was purchased during the marriage, it is considered marital property, owned by both spouses.
Both people do not have to sign the title or mortgage. Depending on the financial situation of each person you may only want one person to sign the mortgage. Usually both people want to sign the title to ensure if anything happens between them, they both have ownership rights to the property.
If you are asking how much it costs to have a deed drafted to transfer ownership from one person to another, then typically an attorney will charge $250-300 or so to draft up a new deed. Then there are recording fees for the deed that are normally less than $50. And any transfer taxes are typically .
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE). That endows survivorship rights, some creditor protection, and allows for transfers only with the consent of both spouses.
Generally speaking, a person cannot be removed from a deed without their knowledge and consent. It is possible to remove someone from a deed illegally by recording a new deed with a forged signature. However, such a deed resulting from fraud or forgery is void and can be easily removed by a court.
If you put your spouse on the deed it keeps the home out of probate as there is no question of ownership. 2. It's just common courtesy in a relationship when two people come together as one. If you are married to someone who is trying to keep your name off assets, it's a problem.
Many people who are worried about what will happen to their home when they die ask us whether it would be better to simply add their child's name to their deed. We caution against adding your child to your deed and, in almost all cases, recommend including them in your will instead.