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buying a home and my name is not going to be on the mortg, just my long time BFs name... BUT i want my name on the DEED at time of closing....
I mentioned this to my agent, and she said because my name isnt on the mortg, (financing), i cant put it on the deed at closing....i have to wait x amt of months after closing, then i have to pay to have it put on the deed..
can anyone add to this or give me more info, or direct me to where i can find the answer?? im in pennsylvania, delaware county
thanks
buying a home and my name is not going to be on the mortg, just my long time BFs name... BUT i want my name on the DEED at time of closing....
I mentioned this to my agent, and she said because my name isnt on the mortg, (financing), i cant put it on the deed at closing....i have to wait x amt of months after closing, then i have to pay to have it put on the deed..
can anyone add to this or give me more info, or direct me to where i can find the answer?? im in pennsylvania, delaware county
thanks
Why don't you put your name on both, the mortgage and the deed?
Even if your income isn't being used to qualify, you can still be on the mortgage and title.
The realtor is correct. The lender will not allow your name to be added to deed unless you were married or on the loan. Once the loan is recorded with the state, your boyfriend can add you to title if he wants to.
so if we were married then i could get my name on deed at closing?? lived together for 15yrs, but not marrying just for that... i guess ill look more into it and do what i have to after the fact.
Guess that will be a testament to your relationship. When you ask him to put your name on the deed in a few months. Willingly, grudgingly or not at all. hmmmmm.......
actually you are all wrong......I asked my mortg guy about this and he said a yr ago they changed the rules on that and yes i can have my name on deed and title at closing, not a problem, they do it often nowadays.....
and lynn, I am the one who didnt want my name on the mortg....my decision, not his, and he has no qualms with me being on the deed either.....nothing like what you think it is....if something happened to him, and my name not on the deed, then thatll be a problem....even if his will states it goes to me, im not going into that tax issues and all.....
The only financing that requires the contract, the mortgage and the deed to mirror, is FHA or VA financing. Other than that, you are free to put your dog's name on the deed, as well.
Nancy should ask a real estate attorney this question in PA.
Every state has specific title laws. If they are not married and Nancy is not using her personal money to qualify for a mortgage, she should not have her name on the mortgage or she could be liable for the balance of the mortgage in a survivorship issue.
If they have been living together 15 years, there are state specific common laws that may play into this. The way this couple holds title to the property will determine rights of survivorship in the event of death of one or the other. Unmarried couples can hold title to real estate only as Joint Tenants (not as tenants by the entireties which is reserved for marriage only). As far as I know from past experience, unmarrieds can hold title as Joint Tenants With Rights of Survivorship (WROS).
Nancy should ask a real estate attorney this question in PA.
Every state has specific title laws. If they are not married and Nancy is not using her personal money to qualify for a mortgage, she should not have her name on the mortgage or she could be liable for the balance of the mortgage in a survivorship issue.
If they have been living together 15 years, there are state specific common laws that may play into this. The way this couple holds title to the property will determine rights of survivorship in the event of death of one or the other. Unmarried couples can hold title to real estate only as Joint Tenants (not as tenants by the entireties which is reserved for marriage only). As far as I know from past experience, unmarrieds can hold title as Joint Tenants With Rights of Survivorship (WROS).
Consult an attorney.
Absolutely, the point I was trying to make if it's a government loan, they have to all match.
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