Dennly
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Why do you want to put your mom on the lease? Will she be helping with the payments? Sounds like a way to get your wife upset in the future. |
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uknowhoo
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You should not add your mother to the title, unless you are trying to think of a creative way to end your marriage.
There is enough natural tension between in-laws without throwing a real estate deal into the mix. |
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Richard M. Johnston, Realtor
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Before doing anything with title, be sure to speak with an accountant and real estate attorney. |
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Amanda H
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WHY????? If you add your mom to the title, she automatically "owns" part of your equity and can refinance, try and sell, etc.
Joint Tenancy means that there is right of survivorship. Tenants in common doensn't. That's the key difference. |
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REInvestor
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There are several reasons that you may want to put your mom onto the title. Perhaps she is assisting you with a down payment. Whatever the case may be, there is a simple solution to putting the plan into action.
What you are looking for is called a "Quick Claim." These documents can be prepared along with your closing docs. Using the Quick Claim method, you can close under the borrowers name, however, one day after the closing is recorded, you can do a Quick Claim and deed the Title under whosoever you choose; a business name, multiple people, family members, etc.
Many couples will use this if both parties want to be on the title, but one of the parties have bad credit. For example, the party with the good credit can put the loan under his/her name to take advantage of a great interest rate. As soon as the loan funds, they will add the secondary party onto the title so now both parties are official owners. |
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michael m
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Your mom can go on title as a third person,the percentage of ownership is up to the 3 of you.It can range up to 98% for 1 of you and 1% for the other two.Typically the only reason to add a third to tittle is to make the mortgage more attractive to the lender.You must remember that if mom dies you will have to pay land transfer tax to take her off tittle(unless willed otherwise).Your wife might find this objectionable,suggest mom go on as a 1% owner. |
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Ella727
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Why would you want to add your mom to the title? If it's for financial reasons I believe she can co-sign and be on the title that way where you and wife are first and she's second. |
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ogrendle
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Bad Idea. Why when she will probably not survive you? |
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jennifer7228
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Why would you want to do that? There is enough tension with in-laws in a marriage, why would you want to add to the tension by adding your mother to the title of the ownership of your first house. If it is for financial reasons that is a different thing, just make sure you really talk to your wife about this and she is totally acceptable with this because if not you will tottally regret it one day. Trust me then your mother might hold it against you or your wife and want some monies saying that part of the house is hers eventhough she doesn't even live there. Maybe she is even putting some of the downpayment, I do not know. Just be sure to really think about it. It is a really big decision. Good luck. |
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satarnag
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You might want to form a Family limited partnership and purchase the home through the partnership. Make provisions in the partnership for death (what happens if one of you dies), disability (someone becomes disabled and cannot pay the mortgage), divorce (you and your wife get divorced) and departure (one of you no longer wants anything to do with this house or partnership).
Regards |
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boohoo
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Why--that is just going to cause problems and I think you will have a hard time getting done. REally, explain why? |
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firedncer80
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If your mom is not going to be on the loan (only you and your wife's names are appearing on the loan documents), you can add your mother to title a few weeks after closing (most of the time your lender will not allow for a name to appear on title that is not appearing on the loan).
Just contact the Title company that facilitates your closing. There will most likely be a small fee, but you can definitely add your mother to the title after closing.
If she is going to be on the loan, than her name should most definitely appear on title. If it does not, bring it to the attention of your loan officer, real estate agent, and/or title company. |
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DANA C
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YOU SHOULD'T ADD YOUR MOM TO THE TITLE UNLESS YOU ARE IN AGREEMENT WITH YOUR WIFE. IF IT WAS DISCUSSED, AND THERE WAS NO AGREEMENT, THEN DON'T DO IT.
YOU MARRIED YOUR WIFE, NOT YOUR MOM.
REMEMBER: "HAPPY LIFE, HAPPY WIFE!!!" |
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