Posted on: 02nd Sep, 2011 12:17 pm
Hi my in-laws and my husband bought a house"for me" while I was out of country. I am not on the mortgage but I told them I want ownership on this house as well. So my husband said that he will add me on the deed. Does this make me an owner of the house as well even though I am not on the loan? Also is this called a quitclaim deed?
Having a loan does not make you an owner. Being on title to the property is your guarantee that you are an owner. Title can be taken several ways, with different amounts of interest in the property. Having a quitclaim will add you on title, the type of title you take and your vesting is the key. Are you all to have equal shares, do you want right of survivor-ship etc...Contact a title company and they can help you prepare and record the deeds once all parties are ready.
Yes, contact a title company and they will be able to help you out. you want your name on the deed so you can be partial owner too. Pardon me for asking, but who put the down payment down and who is making the loan payments? Because if the in laws paid most of the money, I'd say it'd be a bit wrong to put your name on the deed when you didn't do anything to get the house. Just my 2 cents, Me and my wife put our names 50/50 from the start.