Posted on: 30th Jul, 2010 02:09 pm
I purchased a new house in my name but had my partner added to the Warranty Deed. How am I bound legally to this?
Hope I am asking correctly...
Thanks for any help
Hope I am asking correctly...
Thanks for any help
Welcome jnf,
I hope your name is mentioned in the warranty deed along with your partner's name. In that case, both of you would be considered as the owners of the property. If you've taken out a mortgage in your name, then you are solely liable for the loan payments.
I hope your name is mentioned in the warranty deed along with your partner's name. In that case, both of you would be considered as the owners of the property. If you've taken out a mortgage in your name, then you are solely liable for the loan payments.
Thanks Adonis... The mortgage is solely in my name, but partner is on the warranty deed. If I sell the house, what rights does my partner have? 1/2 of the proceeds?
Just want to know what is at stake...
Thanks
Just want to know what is at stake...
Thanks
Hi jnf,
As your partner's name is mentioned on the property deed, he would be considered as one of the owners of the property. Your partner will get a share from the sale proceeds when you sell off the property.
Thanks
As your partner's name is mentioned on the property deed, he would be considered as one of the owners of the property. Your partner will get a share from the sale proceeds when you sell off the property.
Thanks