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Minh L | How do I add my name on my brother-in-law's house title? |
My bro-in-law & I have purchased the house for 6 years now. However, the house is under his name. Now, I want to add my name under the title, what should I do? If I add my name to the title, is anything going to happen? For ex, are our property taxes increase? Or does our interest rate changes? Are there anything I should do before make this decision, which is add my name to the house title, as I am is a part-owner to the house. Your advise is greatly appreciated.
Additional Details
If I ask my bro-in-law to add my name, of course, he has to add my name because we both own the house. We have a really low interest rate. My concern is that when we add my name on the title, will it make any different such as property tax will increase because they have to re-appraise the house? Or will the interest rate go up if we add my name? |
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MIND THE GAP
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You brother in law can add you to the title with a quit claim deed. Check with the county tax collector to see if your taxes will increase.. |
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Jim
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Different laws apply in different jurisdictions. I doubt if taxes would be different, but certainly, liability could be.
If someone was to be injured on the property, for example, you could be sued for damages.
Conversely, you could lose the property to your brother-in-law if you had a "falling out". You'd have to prove some way that you were entitled to a legal share in the property.
If he is the sole registered owner, I would think HE has to add you. Get some advice from a real estate lawyer. |
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pdevans1963@rogers.com
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NO you don't both own the house. You may both be on the mortgage so you are still on the hook for the payments but you didn't get yourself onto the title deedand now its his and only his . you need a good brother or a better lawyer. |
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Floyd B
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You brother-in-law can quit claim 1/2 interest in the home to you.
But the mortgage company has to agree to the deal because you will now be part owner & you have to be credit worthy.
On paper this is like a gift to you of 1/2 of the equity in the house & gift taxes may be owed to the IRS. They may not find out about it if you don't tell them but if they do & taxes are due You will owe them & penalties also. If you can show that you have paid for taxes & on the mortgage & have proof then there isn't any thing to worry about. (Your canceled checks to the mortgage company would be fine) |
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sunshine_today
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You can't just decide to add your name. The person on the title has to add you or allow you to be added. |
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John M
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You will have to do a quick claim deed. |
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Barry K
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It depends on the state and the type of ownership. The best way for you to get an answer on that question would be to contact a title or escrow company. |
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jrbro1
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If the house is financed, you can't simply add your name to the title. You'll have to refinance and become a co-signer for the loan. If your brother in law owns the house free and clear, you can go to the county courthouse and have the title amended. |
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Sophiesmama
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If there is a mortgage on the property, the bank needs to approve any changes in the title, in which case they will also likely want your bro in law to refinance the loan into both of your names, assuming credit wise you also qualify. If there is no mortgage on the property, you can file the quit claim deed at the courthouse yourself, but I would recommend consulting an attorney so the paperwork gets drafted and recorded properly so that you are both protected. |
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jennygale
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To put your name on the deed you would need to have another deed made with both names and both sign it. That is sort of tied into the next answer about the interest rate, if the lending institution has a lien on the property, they will have a "deed of trust" and therefore you would most likely not be able to do a new deed at this time. Your broker/banker would probably be able to tell you their procedures. Your property taxes are accessed based on the property and its usage not who or how many people's names are on the tax ticket. |
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Reem
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To add your name to the title you simple have to get an attorney to do an amendment to the deed. Your brother-in-law and you will have to sign it. Amending the deed has nothing to do with the existing mortgage or property taxes. There is absolutely nothing negative to adding a name to title so feel safe with proceeding. Good luck! |
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Bernadette T
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The question is where do you live? Certain states do charge for "transfer" of title. Keep in mind that your brother in-law doesn't have to do anything he doesn't want to do...take it from someone who learned. When I was supposed to be added to the deed after the loan, my now ex- decided he didn't feel like doing that even though my money helped pay for the house and the renovations. As for the property taxes, there shouldn't be an increase based on who is on the title. |
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