Posted on: 07th Nov, 2007 09:59 am
My home is in my fathers name he purchased for me. Since he is re-married i want to know what we need to do to assure that if something happen to him my house will be mine and not his wife's. If he adds my name to the property deed does that automatically gives me full ownership if he pass away. There is still a mortgage due on the property.
hello almathis,
if your father signs a quit claim deed to you with rights of survivorship in it will automatically pass on to you after your father passes away.
but if the house still has mortgage on it then he has to consult with the lender first to do this. in that case, you will have to refinance the loan in your name to take up all the financial responsibilities.
he may also take the help of a lawyer to make a will and name you as the beneficiary.
if your father signs a quit claim deed to you with rights of survivorship in it will automatically pass on to you after your father passes away.
but if the house still has mortgage on it then he has to consult with the lender first to do this. in that case, you will have to refinance the loan in your name to take up all the financial responsibilities.
he may also take the help of a lawyer to make a will and name you as the beneficiary.