Posted on: 30th Mar, 2009 06:58 pm
My father helped me buy a house a few years ago. To qualify for a better rate he and I are both on the loan and deed. I solely pay for the property and am the only person named on his will. Is it fine for him to be named on the property until his death? Will I have any trouble getting the property in my name after his death? Or should I have a quitclaim deed before his death?
Secondly, I am planning to be married in the next year. I do not wish to have my new husbands name on the loan or deed until we have been married and we have children together, for personal security reasons. We have lived in this home together for two years. He is in school and has not paid any of the mortgage. Can It just stay in my name after the marriage? I live in New Mexico, a community property state. What steps do I need to take to secure my home?
Thanks in advance, L
Secondly, I am planning to be married in the next year. I do not wish to have my new husbands name on the loan or deed until we have been married and we have children together, for personal security reasons. We have lived in this home together for two years. He is in school and has not paid any of the mortgage. Can It just stay in my name after the marriage? I live in New Mexico, a community property state. What steps do I need to take to secure my home?
Thanks in advance, L
Hi luciaelena,
As you are the only person named on the will, I don't think you'll face any problem in transferring the property in your name after his death. However, you will have to first probate the will. If you want to avoid the probate, then you can ask him to transfer the property to you through a quitclaim deed. As you own this property prior to your marriage, I don't think it would be considered as your community property. It would be taken as your separate property.
Thanks
As you are the only person named on the will, I don't think you'll face any problem in transferring the property in your name after his death. However, you will have to first probate the will. If you want to avoid the probate, then you can ask him to transfer the property to you through a quitclaim deed. As you own this property prior to your marriage, I don't think it would be considered as your community property. It would be taken as your separate property.
Thanks