Posted on: 18th Mar, 2010 12:10 pm
I want to add my partner as co-owner of our home in case I die first. I am the only one on the mortgage. How is the best way to do this?
Would he be able to continue making payments on the home until it is paid for?
Would I then also need a will to award him my portion of the home ownership?
Would he be able to continue making payments on the home until it is paid for?
Would I then also need a will to award him my portion of the home ownership?
Hi tarob!
Welcome to forums!
You can add your partner to the property deed with the help of a quit claim deed. Your partner will be able to make payments towards the loan after your death but it would be better to refinance and add both the names to the mortgage documents.
You may or may not draft a will to transfer your share to your partner. If there is no will, your partner can sign an affidavit of heirship at the county recorder's office and get the property transferred in his/her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can add your partner to the property deed with the help of a quit claim deed. Your partner will be able to make payments towards the loan after your death but it would be better to refinance and add both the names to the mortgage documents.
You may or may not draft a will to transfer your share to your partner. If there is no will, your partner can sign an affidavit of heirship at the county recorder's office and get the property transferred in his/her name.
Feel free to ask if you've further queries.
Sussane