Posted on: 26th Jun, 2011 01:43 pm
We leave in one of the houses, and the other one is a income property. Both houses are in Houston, Texas. Do We need approval from the banks the houses are mortgaged with? Or should this have not baring on the action of adding my name to the deeds? In case we do need approval from the bank, does it mean my name is added to the mortgage so I am also liable for the notes? Also, how would this impact my income taxes declaration in the begging of the year (we do not file together because we can not get married)? One more thing: who should assist us with this legal change? a lawyer, or a Real Estate Agent?
I am already on her will as the heir of the two properties, but we know that (because we are not married) I would need to pay the government some taxes (which I do know about) for inheriting the two properties. So we decided to check into the possibility of adding myself to the deeds. Could you please help us out with this? It is so confusing and we have so many doubts about it.
Thank you so much for your help. I really appreciate your assistance.
I am already on her will as the heir of the two properties, but we know that (because we are not married) I would need to pay the government some taxes (which I do know about) for inheriting the two properties. So we decided to check into the possibility of adding myself to the deeds. Could you please help us out with this? It is so confusing and we have so many doubts about it.
Thank you so much for your help. I really appreciate your assistance.
Hi gabiomc!
Welcome to forums!
A quitclaim deed can be used to add name to the property deed. But it will be better if you consult a real estate attorney in this regard. Moreover, you should also speak to the lender and check out whether or not he will allow adding of names on the property deed.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A quitclaim deed can be used to add name to the property deed. But it will be better if you consult a real estate attorney in this regard. Moreover, you should also speak to the lender and check out whether or not he will allow adding of names on the property deed.
Feel free to ask if you've further queries.
Sussane
gabi, you may certainly be added as an owner of the homes, and the typical method by which that would take place is with a quit claim deed. now, lenders are picky, and they will always look with disapproval when borrowers go ahead and make changes that require lender approval. changing title is ordinarily going to allow a lender to call a loan due in full on the spot, but in the current economic environment, that's not too likely an outcome.
it's always advisable, in my opinion, to engage the services of an attorney who knows real estate. you'd probably want to find an lgbt attorney as well, given the dramatic differences in law between married couples and non-married couples when it comes to real estate, etc.
you asked about being on the mortgage debts as an obligee. unless you and she go ahead and seek a new mortgage together once you've transferred ownership, the lender will only consider your partner as the obligated party.
a real estate agent has no reason to be involved in your transaction - only a lawyer with the proper expertise. you've noted your knowledge that there'll be taxes to pay; i suggest you counsel with a tax advisor nevertheless, unless that's where you already acquired your knowledge.
it's always advisable, in my opinion, to engage the services of an attorney who knows real estate. you'd probably want to find an lgbt attorney as well, given the dramatic differences in law between married couples and non-married couples when it comes to real estate, etc.
you asked about being on the mortgage debts as an obligee. unless you and she go ahead and seek a new mortgage together once you've transferred ownership, the lender will only consider your partner as the obligated party.
a real estate agent has no reason to be involved in your transaction - only a lawyer with the proper expertise. you've noted your knowledge that there'll be taxes to pay; i suggest you counsel with a tax advisor nevertheless, unless that's where you already acquired your knowledge.
