Posted on: 03rd Sep, 2009 08:31 am
Hi There!
Quick scenario: right now I am the sole owner of my property. In the coming month my domestic partner is planning on going in on the mortgage with me AND I am planning on adding his name to the deed (for the simple fact that if he is going to be helping with the payments, he deserves to be a technical owner of the home).
2 questions:
Is there a difference between being added to a Deed vs a Title? Or are they the same thing?
Does our plan sound like it would qualify my boyfriend for ownership of the home? He has never owned real estate before and we have no idea if this would be considered a "purchase" or anything that would qualify him for the $8000 Tax Credit.
Thank you!!!
Quick scenario: right now I am the sole owner of my property. In the coming month my domestic partner is planning on going in on the mortgage with me AND I am planning on adding his name to the deed (for the simple fact that if he is going to be helping with the payments, he deserves to be a technical owner of the home).
2 questions:
Is there a difference between being added to a Deed vs a Title? Or are they the same thing?
Does our plan sound like it would qualify my boyfriend for ownership of the home? He has never owned real estate before and we have no idea if this would be considered a "purchase" or anything that would qualify him for the $8000 Tax Credit.
Thank you!!!
Deed and title are the same thing.
If your are adding him to the deed, he is not buying the house, he is just becoming an owner, so, does not qualify for the $8,000 credit. He is an owner, but, he did not purchase a home.
If your are adding him to the deed, he is not buying the house, he is just becoming an owner, so, does not qualify for the $8,000 credit. He is an owner, but, he did not purchase a home.
Me'Shell
Welcoem to the forum
I think you have a god plan.
This will nto be considered as a purchase and yoru frind may not qualify for the tax credit
good luck and feel free to ask
Welcoem to the forum
I think you have a god plan.
This will nto be considered as a purchase and yoru frind may not qualify for the tax credit
good luck and feel free to ask
