Home Buying in New Jersey>Question Details

Caitlyn, Home Buyer in New Jersey

In NJ, is it possible for an unmarried couple to put both of their names on the deed, but have the mortgage

Asked by Caitlyn, New Jersey Wed Jul 23, 2008

in one person's name? My lawyer is saying this can't be done, but my lender and agent are saying that this is fine in NJ. I don't know what to believe. Is there a special procedure for this? Thanks in advance!

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7
Caitlyn, you need to know not just if it is possible but the implications of doing so. At closing the 3 most important documents are the mortgage (which makes the property security for the loan), the note (a promise to pay money back) and the deed (which establishes who owns the property. If there are two people on the deed they both own the property. What happens if one dies? That depends on how they hold the deed (title). Does the remaining owner get their share or do the heirs of the one who died get their share? That depends...if your lawyer is not a real estate attorney ditch him (her) and get one that knows real estate. Your attorney may be saying it can't be done for you to achieve the result you want to achieve. It is not rocket science and your attorney should be able to explain why or why not etc...Don't be asking Realtors and other laypersons for legal advice. It could come back to haunt you - and them.
Paul Howard
0 votes Thank Flag Link Wed Aug 6, 2008
good afternoon.......close the purchase in the name who you want on the morgage as the buyer....anytime after the closing.....i would go to a different title company and quit claim deed from the one who bought the home to the two of you....it should be done with joint right of survivorship...in case of death...their interest would automatically transfer to the survivor with going thru probate...the qcd doesn't have to be recorded to be valid but have a tilte company prepare it in a recordable form...the only issue is that it constitutes a transfer of ownership and violates the "due-on-sale" clause in the mortgaage.it may be best not to record it.....hope that helps..bob mcclure- mortgage now- farmington, michighan..i am licensed in your state (248) 806-0366.call anytime.....
0 votes Thank Flag Link Sat Jul 26, 2008
Hi Caitlyn,

You may have a lender require that the party that is NOT on the mortgage "application" sign the actual mortgage instrument along with being on the deed and the title. The person not qualifying on the mortgage "application" that wants to be on the deed would be left off of the Note. You didn't state if you are the person not going on the "application" or if the signifcant other is the one not going on there. If you are the one who will be on the mortgage "application" and qualifying - just be very careful because you are then liable for the repayment of the loan if the home gets forclosed upon. Then again, mortgages aren't my specialty so I would double check with your lender. Just make sure you are protected in the event of a foreclosure or parting of the ways with a significant other.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172
0 votes Thank Flag Link Wed Jul 23, 2008
I did just that a few years ago. My (then) boyfriend moved in with me and we added his name to the deed and he refinanced the house in his name. It is not a problem.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Jul 23, 2008
Hi Caitlyn, I think you should be fine - be sure to make it clear when you put in your application with your lender that there will be one borrower, but both of your names on title, so that the lender can set it up properly.

I reached out to my mortgage folks and they confirmed that this is done often and for a variety of reasons, but it is done.

I don't think marital status matters but do talk with your attorney to be sure that title and all related papers are set up properly.

Good luck - great time to buy a home!

Best,
Jeannie Feenick
Weichert Realtors
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Jul 23, 2008
Thanks! Would we just have to both sign the deed at closing? The lawyer is telling us that both names have to be on the mortgage to be on the deed while the note can be in one person's name. Is that true?
0 votes Thank Flag Link Wed Jul 23, 2008
Hello Caitlyn,

This is perfectly normal in NJ. In fact we have work with a hand full of clients that did just that. Maybe you should seek a second opinion from another attorney.
0 votes Thank Flag Link Wed Jul 23, 2008
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