Posted on: 20th Jan, 2011 07:23 am
I bought a home in my name in June 2010 (Florida).
My credit was great, theirs not.
We are not married.
We both have jobs, no children living in home.
We pay half of everything.
In December, I hired an attorney to put my partner’s name on the deed(rights of survivorship), as well as a Will, etc.
Questions:
Will my bank become angry that I put another’s name on deed & null the contract?
Can my partner’s creditors come after the house?
Who claims the house for taxes?
May we switch off every other year to make it fair?
My credit was great, theirs not.
We are not married.
We both have jobs, no children living in home.
We pay half of everything.
In December, I hired an attorney to put my partner’s name on the deed(rights of survivorship), as well as a Will, etc.
Questions:
Will my bank become angry that I put another’s name on deed & null the contract?
Can my partner’s creditors come after the house?
Who claims the house for taxes?
May we switch off every other year to make it fair?
Hi SYeatts,
If your mortgage docs mention the due on sale clause, then the lender will immediately ask you to pay off the mortgage in full after you add someone to the property deed.
If your co-partner is added to the property deed, he will become one of the owners of the property. Thus, his creditors will be able to come after your property in order to recover the dues.
If your mortgage docs mention the due on sale clause, then the lender will immediately ask you to pay off the mortgage in full after you add someone to the property deed.
If your co-partner is added to the property deed, he will become one of the owners of the property. Thus, his creditors will be able to come after your property in order to recover the dues.