adding a person to a deed

Asked by The_wza, Cobbs Creek, Philadelphia, PA Tue Jul 17, 2012

Hi all,

I just refinanced (finally, thankfully) and my new lender does not escrow tax or insurance. I believe my insurance company is already handling setting up a new payment option for me but how do I handle the taxes? Can I do something preemptively with my county (or whomever) so that I don't get stuck paying one lump sum at the end of the year?

And on a related note, when I refinanced I put my partner on the mortgage but he is not yet on the deed. What do I need to do to add him to the deed and how will this effect our taxes when we file? I understand that I can just file a quit claim form to add him but I've heard elsewhere that I need to get a lawyer. Which method is recommended?

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Kathy Hanigan, Agent, Huntingdon Valley, PA
Wed Jul 18, 2012
Please call me & so we can discuss adding the information to the title report.
Kathy Hanigan
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Kathleen She…, Agent, Philadelphia, PA
Tue Jul 17, 2012
Dear The_wza,

Congratulations on the refinance.

If your lender is not escrowing for taxes, you can set up your own savings account and set aside money as the year goes along. When you get your tax bill you will be expected to pay in one lump sum.

As to adding your partner to the deed, a title company can do this for you, however, you may want to consult an attorney about how to take title. There are several choices, and the choice you make will determine what happens to the ownership of the property should one of you die, or if your relationship changes.
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Sheri Curci, Agent, Newtown, PA
Tue Jul 17, 2012
Contact a local Title Abstract Title Co. They can help... If you cant find one? simply give us a call at 215-757-2889.

All the best John + Sheri
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Carol Cei, Agent, Maple Glen, PA
Tue Jul 17, 2012
Hello WZA,

You have asked some great questions so I will try to answer:

1. You can't make arrangements with just pay in one lump when the tax bill is due. You will get a discount if you pay it early (when it first arrives). All of this will be explained on the tax bill. You should probably set up a special savings account and put 1/12 of the taxes and insurance in there each month. Then when the bills come in you will have the money. This is one reason why some people like to have things escrowed but I am sure that you will be fine.

2. If your partner is on the mortgage, the deed should be updated. Contact the title company who did your closing and ask them to help you. You will have to show them the old deed and then they will prepare a new one. Might cost $75-100....if you have difficulty with this, just let me know.

Good luck with everything.

Carol Cei, Realtor, ePRO
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