Home Buying in 11203>Question Details

Miranda, Home Buyer in Brooklyn, NY

In NY state can a person be placed on the deed and not be on the mortgage? What are the benefits of being on the deed?

Asked by Miranda, Brooklyn, NY Sat Jun 9, 2012

I am looking to buy a home with my boyfriend, but his name would be on the mortgage. Although we love each other, I still want to protect myself in this investment just in case. I just found out that I can be placed on the deed and still have owenership rights.

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Dear Miranda:

You need to discuss this with a rela estate attorney. Otherwise you may make a big mistake. If you need an attorney or if I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Jun 10, 2012
Marriage is a business partnership--that's the anthropological reason for getting married, to take advantage of a legal structure that is already in place to protect the partners' assets, especially for offspring, in the event of death, disability, divorce. In New York State there's even a special kind of deed that can only be held by married persons.

Just because a path is possible does not mean you should take it. Poor planning could create expensive, heart rending problems. For example, are you close to each other's parents and siblings? Because if one of you dies during this ownership of real estate, the heirs will appear seeking their share--you can count on that. Inheritance is parents first, then siblings, unless you have children. Do you know how such a scenario would play out for each of you?

You really need to sit down with a real estate lawyer and decide how you want to do this, including what kind of deed you should have, as well as the mortgage details. You might even need a will at this point to protect each other from the claims of family members.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
0 votes Thank Flag Link Sun Jun 10, 2012
Yes. The main benefits of being on the deed is ownership & distribution of assets if partners separate or if I dies or becomes ill.
0 votes Thank Flag Link Sat Jun 9, 2012
A typical mortgage is made up of two documents. The first document is a mortgage note that promises to repay the amount of the loan. The second is a mortgage which gives the lender the right to take your house if you default on the loan. To grant an effective mortgage, all parties on the deed must sign the mortgage. Unless you are on the deed you do not own the property.

Alternatively a person who is not on the deed can sign the morgage note as a co-obligor which means they guarantee repayment of the loan w/o having an interest in the property.

You can buy your house using your money and your boyfriend could co-sign the note w/o owning the property. That would be a disadvantage to him because he would be liable for repayment of the mortgage w/o having the benefit of owning the home. If you got married in the future you could always add him to the deed as a co-owner.
0 votes Thank Flag Link Sat Jun 9, 2012
yes you can. it is common where couples purchase a home and one person has bad credit. it is always best to have 2 people on a deed. but also, the one who is not on the mortgage is not responsible for the mortgage payment.
0 votes Thank Flag Link Sat Jun 9, 2012
In order to best protect yourself especially when it comes to any necessary legal advise, it's always in your best interest to consult with an attorney....
0 votes Thank Flag Link Sat Jun 9, 2012
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