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

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

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