Home Buying in 22201>Question Details

Stephaniemar…, Home Buyer in 22201

My boyfriend and i are buying a home. Can my name go on the house deed if it isnt on the mortgage?

Asked by Stephaniemarie, 22201 Mon Jan 30, 2012

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Stephanie: The lender is not likely to approve this. However, I have seen this situation before and generally you can be added to the deed after settlement. I would speak to the settlement attorney about the most expedient way to handle this if you want to be on the deed as soon as possible after settlement.
Jane Jensen
571-228-5656
1 vote Thank Flag Link Tue Jan 31, 2012
I have sold many, many homes where one of the purchasers qualifies for the loan by themselves and the other purchaser is added to the title at settlement. Let the title company know ahead of time and plan on attending settlement as you will have to sign the deed. However, your name will not be on any of the loan paperwork and you will not sign any of the loan documents.

It is done all the time and should not be a big issue.
1 vote Thank Flag Link Mon Jan 30, 2012
what about in reverse? My bf is moving in with me and will go on the loan to help me get approved, but what if it doesn't work out? Can I remove him from the loan later?
Flag Mon Apr 14, 2014
Yes, your name can be on the deed and you both will have joint ownership on the title.
Web Reference: http://www.nvrenet.com
1 vote Thank Flag Link Mon Jan 30, 2012
First, if the boyfriend is the one buying the house, it's up to him. If he says it's OK, then as Chris says - check with the lender. Also in the event that you have judgements against you in VA the title insurance may not permit you to be on the title because they could attach to the property, so be sure to let the title company know what you wish to do. Lastly, Don gives good advice. Not sure why you're not married but here is what I tell my clients: The messy part of divorce is the fighting over real estate, financial investments, children and pets. The more of these you have together the worst a break up would be. SOOO... think carefully before considering combining these things. Once you're married, IMHO, you go "all in" but until then, step cautiously.
1 vote Thank Flag Link Mon Jan 30, 2012
Yes. That's easy.

It's the other way around that's difficult. As Brenda says, just make sure that the settlement company knows what's going on.

Also, though you didn't ask--and probably don't want to think about it--you and your boyfriend should have some formal agreement (drawn up by a lawyer) specifying what happens if the two of you decide to separate. It's just better to work things out at the beginning than to face that issue in the middle of a dissolution of a relationship.

Hope that helps.
1 vote Thank Flag Link Mon Jan 30, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Make sure you check with your lender - they may only allow the mortgage holder's name to be on the deed. If that is the case, let the dust settle from the closing and then about 60 days later file a deed of gift or quit claim deed to add your name. An attorney will charge about $150 or so to do it.
Web Reference: http://makeoveragent.com
1 vote Thank Flag Link Mon Jan 30, 2012
i would like to move in with my partner who already has a mortgage but we would like to refinance- can we use my income and her credit to refinance with both of us on the loan?
0 votes Thank Flag Link Sun Jul 29, 2012
My boyfriend & I are going to refinance his home since he can't qualify alone. I am going to put $50k in to bring down the overall loan amount so we can qualify for a 30yr mortgage together. We are in the process of typing up our agreement and we want to make sure we both are protected in every way. How should I calculate what % of ownership would be fair to ask for (he has lived in his home 20 yrs.) he owes 460k on this home & worth 625k? He will be making the mortgage payments however will I be equally responsible for the entire loan amount ? What are the options I should consider?
0 votes Thank Flag Link Thu Apr 12, 2012
Yes, it can be added. Kepp everything in writing with your mate for future refrences !
Good luck.
0 votes Thank Flag Link Thu Mar 1, 2012
I'd like to second an earlier poster's advice to have an agreement drawn up by an attorney to account for how the property should be split should you break up.

I have found this quite common with couples who aren't married, especially when one party will be on the mortgage. They assume that love is forever and nothing will ever happen to them, so there is no need to discuss equity share, sweat equity, and eventual determination of who owns how much, how to buy the other party out, and dealing with the utter mess that will ensue if you don't have a contract between you and your boyfriend.

Don't follow your heart. Follow the statistics. They can't be challenged. It's not romantic, and it's not a pleasant conversation, but once you take care of it, you'll never have to worry about it again.

Your question is easy to solve. This issue is one many couples make the mistake of not acknowledging. Please don't be one of them.
0 votes Thank Flag Link Thu Feb 23, 2012
Stephanie: I have seen several settlements where something like this occurred. Make sure you check with the lender and let the title company know. If your boyfriend qualifies for the mortgage alone there will normally be now problem having your name on the deed.

Dan Lesniak, MBA
703-638-4393
0 votes Thank Flag Link Thu Feb 23, 2012
Hi Stephanie~

You don't have to be married to be on the deed. If you are buying the home together, as you stated, then your name will automatically be on the deed and the mortgage. However, if you want him to buy but you want an "interest" in the property then he would have additional documents prepared at his 'signing' that will deed you onto the title (not the mortgage) after the close of escrow. It's a simple process and should be prepared for very little money. Ask your Realtor to assist you with coordinating this at your boyfriend's signing. And, by the way, CONGRATS on buying a home!

Check out the link I attached to see specific info regarding deeds~
Web Reference: http://deeds.uslegal.com/
0 votes Thank Flag Link Mon Jan 30, 2012
We plan on having a lawyer draw contracts up due to the fact we arent married. We are doing this 50/50 i just dont make enough money on the books to be on mortgage with him. I'm giving him half the down payment and i will be paying half the mortgage. I just was not sure if i could go on deed , i defenitly plan on having contracts made about the finacial end of things
0 votes Thank Flag Link Mon Jan 30, 2012
Yes. Absolutely. Your boyfriend's name will have to remain on the deed, but you can do that. This happens a lot with relocation. Often one spouse is being transferred and the other will have not job to verify. In this case, they only need one spouse for the mortgage, but the trailing spouse can be on the deed. You just need to let the closing attorney know how you want to take title and it can be done prior to closing. You will have to be at the closing to sign the deed if your name is to be on it.
0 votes Thank Flag Link Mon Jan 30, 2012
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