Considering there are options on how to do this, ie: Tenants in Common, Joint Tenancy with Right of Survivorship, Living Trusts, etc consulting with an attorney is advisable to find the method that serves your needs.
I believe that the bank (most people actually don’t own their homes – their bank does in the form of mortgage) has some say on who can and can not own the property in question. In the case of marriage the banks rarely make a fuss. In the case of joint partnerships (business) the bank could take a strong stance in the matter.
An attorney may be desired to work out how selling of “shares” of a house will go – in the case of Tenants in Common one person can own 50% another 30% another 20%... one of those could sell their portion without the approval of the other owners. Tenants in Common is used especially with second marriage partners who want to leave a portion of their property to children from previous marriages. Thus a secondary document (signed and notarized and written up by an attorney) may be desired to insure that any future selling of a part of the house takes place within limitations.
Laws vary from state to state so consulting an attorney is recommended.
Posts: 3996 | Location: Leaving land, heading for the ocean | Registered: 06-03-02
"Laws vary from state to state so consulting an attorney is recommended.
Also from country to country. In Canada, they may also vary from one province to another.
Tree, while I appreciate the thought, it really isn't necessary to put me on the deed to your home. A cash donation, however, would be acceptable. (Or even some cookies! )
Posts: 17497 | Location: Lincoln Place, Granite City, IL, USA | Registered: 06-03-02
If you have someone added to your title then you risk the chance of having your home reassessed for property taxes. Whenever there is a change in property ownership, this usually occurs.
You also run the risk of a person drawing money on the house or using the house for collateral. If the house in in their name and they put it up for a hold, file bankruptcy, or default on a loan- you may have to forfeit part of the house.
*A Grant Deed says you have no further control over the property and if you are living on it, you become a mere tenant. A Grant Deed contains a promise that your title and ownership of the property is free and clear, subject to the existing claims and liens you disclose. If it later turns out that someone else has a claim of right against the property which you did not disclose and unless you have title insurance, you could be liable for monetary damages and could be sued.
*A Quitclaim Deed is similar to a Grant Deed in that it immediately transfers all of your interest, ownership and right in the property. But a Quitclaim Deed does not include a promise that your ownership is good or free from other claims.
A quit claim deed is usually used in a divorce and it transfers the house to one party. More on quit claim deeds
*A Trust Deed is generally used when your property is security for the performance of some obligation, usually the repayment of a loan. If you do not perform the obligation (repay the loan), your home can be placed in foreclosure and sold at a public auction.
If your intent is to add a person to the title so they would get the house in case of your death, just put them in your will. You can set up a trust to transfer the property upon your death. But this doesn't mean much since you are going to live forever.
)
Macedonian, please.
