Posted on: 24th May, 2012 12:49 am
1. My husband and I are in the processing of closing escrow on a house we are buying. Originally, only his name is on mortgage loan, but both of our names are on title of house. Now, I'm having second thoughts about my name being on title. I'm in the healthcare field, so if there was ever a lawsuit filed against me, I don't want them coming after our house (in addition to my professional liability insurance). Would me not being on the title of house protect the house or will the lawyers be able to come after it anyways (since my husband owns it).
2. Also, can I add my name onto the title a few years later if I change my mind? What are the pros and cons? How do I go about that?
3. Or should I add my name on title along with him for our new house, then create a trustee account to protect the house from the lawyers and lawsuit?
Please advise. I am grateful for any information you can kindly offer.
2. Also, can I add my name onto the title a few years later if I change my mind? What are the pros and cons? How do I go about that?
3. Or should I add my name on title along with him for our new house, then create a trustee account to protect the house from the lawyers and lawsuit?
Please advise. I am grateful for any information you can kindly offer.
If your name is not mentioned on the property docs, then your creditors won't be able to come after that property in order to place a lien on it.
You can add your name to the property deed whenever you feel like provided your husband agrees to it.
As far as trust account is concerned, you should contact a real estate attorney and take his opinion in this regard.
You can add your name to the property deed whenever you feel like provided your husband agrees to it.
As far as trust account is concerned, you should contact a real estate attorney and take his opinion in this regard.
Hi Kimi,
Your creditors won't be able to come after the property unless your name is mentioned on the property deed. If they do so, it will be considered as illegal. You can ask your husband to sign a quitclaim deed and add your name to property deed few years later.
Thanks
Your creditors won't be able to come after the property unless your name is mentioned on the property deed. If they do so, it will be considered as illegal. You can ask your husband to sign a quitclaim deed and add your name to property deed few years later.
Thanks
>>Would me not being on the title of house protect the house or will the lawyers be able to come after it anyways (since my husband owns it).
Yes.
2. Also, can I add my name onto the title a few years later if I change my mind? What are the pros and cons? How do I go about that?
Only if you receive the Lenders permission first. Your note will have a due-on-sale clause that says the mortgage will immediately be due and payable if you revise Title without their permission.
3. Or should I add my name on title along with him for our new house, then create a trustee account to protect the house from the lawyers and lawsuit?
It's much safer for both of you to be on Title - it'll avoid major problems if he dies, even if you have a Will and Living Trust. If I were you, I'd increase the amount of benefit on your professional liability policy, since that's your area of concern. That's the easiest solution.
Yes.
2. Also, can I add my name onto the title a few years later if I change my mind? What are the pros and cons? How do I go about that?
Only if you receive the Lenders permission first. Your note will have a due-on-sale clause that says the mortgage will immediately be due and payable if you revise Title without their permission.
3. Or should I add my name on title along with him for our new house, then create a trustee account to protect the house from the lawyers and lawsuit?
It's much safer for both of you to be on Title - it'll avoid major problems if he dies, even if you have a Will and Living Trust. If I were you, I'd increase the amount of benefit on your professional liability policy, since that's your area of concern. That's the easiest solution.
