Posted on: 06th Jan, 2008 06:58 am
i have been living with someone for 22 yrs. (there is no common law marriage in my state) if my companion wants to add me to the title of his home and files a quit claim in joint tenancy, won't the house be in both of our names? he seems to think he will be giving up ALL rights to the house.
does it vary by state? (i live in michigan)
does it vary by state? (i live in michigan)
Hello Mary,
Yes, you are right. If your companion adds you to the title of the home along with his name on it then, it will be on both the names. Both of you shall have equal rights to the property.
Joint tenancy has certain advantages. At the death of one owner, the property will automatically pass on to the other owner, if there is rights of survivorship mentioned in the deed. This is one of the most easiest and inexpensive ways to avoid probate.
Yes, you are right. If your companion adds you to the title of the home along with his name on it then, it will be on both the names. Both of you shall have equal rights to the property.
Joint tenancy has certain advantages. At the death of one owner, the property will automatically pass on to the other owner, if there is rights of survivorship mentioned in the deed. This is one of the most easiest and inexpensive ways to avoid probate.
You are both right. A quitclaim deed grantor does give up all rights to a property and should only be used in limited circumstances. However, if your companion uses a grant deed to transfer title from your companion individually to your companion and you in joint tenancy, then you both have rights to the property. You can do a google search for the term "joint tenancy" to find out more about this type of tenancy. Be careful of tax consequences.
Hi,
I totally agree with jheard. The grant deed will be a better option to add your name on the deed. Consult with an attorney and he will prepare the deed for you. Don't forget to notarized and record the deed in the county recorder office.
Best of luck,
Larry
I totally agree with jheard. The grant deed will be a better option to add your name on the deed. Consult with an attorney and he will prepare the deed for you. Don't forget to notarized and record the deed in the county recorder office.
Best of luck,
Larry
He won't be giving up all rights to the house. If he is just adding you to title then you both own it 50/50. He will retain 50% ownership since he will also remain on title. I hope you are able to make understand this.
When you are added to title I would also suggest a surviorship deed so in the event of death, the title will tranfer into the other persons name on title. Without a surviorship deed, then his half will have to go through probate and you or him could end up owning half of a house with the other persons family.