Posted on: 29th Mar, 2009 10:17 am
my mom has a mortgage in her name but wants to add me on the deed by a quit claim deed. she wants to do this so that when she dies i will be able to sell her house without too much trouble - she will still live at the house and have financial responsibility while living. my concern is whether or not this will make me responsible for anything while she is alive- say for example the property tax or any other financial things that arise. i have heard about living trusts and i am thinking that is something to do as well but not sure.
Hi iambuttercup,
If she adds you to the title, it does not make you responsible for the loan, but it does make you liable for the property taxes as you will co-own the property with her. A living trust can also be used to transfer the ownership to you upon her death, avoiding the process of probate. However, to add you to the title, the lender has to be informed.
If she adds you to the title, it does not make you responsible for the loan, but it does make you liable for the property taxes as you will co-own the property with her. A living trust can also be used to transfer the ownership to you upon her death, avoiding the process of probate. However, to add you to the title, the lender has to be informed.