Financing in 34145>Question Details

Debbie Civit…, Home Buyer in East Hanover, NJ

If 4 people (2 couples) are buying an investment home together is it possible to have all names on the deed

Asked by Debbie Civitillo, East Hanover, NJ Sun Jun 21, 2009

but only 2 of the 4 take out a mortgage? The other 2 have the cash to put into the home. Or do all 4 people have to be on the mortgage if they are all purchasing together?

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Answers

3
You should get a written response from the Lender that will be making the loan.

You should consult with a Qualified Attorney.

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The Key is "Full Disclosure" - let the Lender (and other parties involved) know exactly what is going on,
and have them explain to you what the potential consequences are.
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In the State of Florida, if you add any name other than a spouse to your Deed,
it can be considered a Transfer of Interest in Real Property (a New Deed).

That New Deed could incur additional Documentary Stamps (Tax) of .70 cents per $100 of value.
For example, on a $300,000 Deed, there would be a Documentary Stamp (Tax) of $2100.

(There are exceptions to this in Miami-Dade County.)

Please visit the State of Florida Department of Revenue Website for a complete explanation:

http://dor.myflorida.com/dor/taxes/doc_stamp.html

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Another potential pitfall to adding names to the Deed after the original closing:

The Mortgage Holder may consider it to be a change in ownership,
and they may decide to trigger (enforce) the Due on Sale Clause in the Mortgage.
(A demand for the entire amount of the Loan Balance to be due and payable immediately).
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Again, please get Legal Advice from a qualified Attorney before signing any documents.

Best wishes,
Fred
0 votes Thank Flag Link Thu Jun 25, 2009
Hi Debbie,

We are not sure if you have found someone to help you locate a property for you and your partners.

If you would like listing alerts automatically forwarded to you to review at your convenience, just give us a call or e-mail us with the specifics of the home you and your partners are looking at purchasing.

Otherwise, feel free to access our website. In any event, we wish the best of luck in your home search.

John & Sandra James
Prudential Florida Realty
(239) 784-7000
E-Mail: MarcoTropicalRealty@comcast.net
Website: http://www.MarcoTropicalRealty.com
0 votes Thank Flag Link Thu Jun 25, 2009
you can have as many people on the deed you wish to have. You can either have them put on title when you finance the property or add after the fact. If you are investing in Florida, I'd be happy to assist you further with your financing needs.

Joshua Lerette - The Tampa Bay Mortgage Pro
727-488-7355
Josh@TheTBMortgagePro.com
0 votes Thank Flag Link Sun Jun 21, 2009
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