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    joeyc051's Avatar
    joeyc051 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 26, 2009, 10:17 AM
    Adding someone to my property deed.
    Hello,
    I own a home in NJ and currently have my cousin living there with her husband and children. They would like to buy the home at some point and I want to sell it to them.
    Can I add them to the title and will it help them obtain a mortgage easier if they have interest in the property? Someone mentioned they could "assume" the mortgage easier this way.
    Thank you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 26, 2009, 10:20 AM

    No, Adding their name to the title consititutes a sale. Assume the mortgage means that you they take over the mortgage with the bank's approval. At the time, a transfer of ownership takes place.

    What you might look into is a contract for sale.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Jan 26, 2009, 11:41 AM

    Do not just add their name, you are giving them ownership when you add their name.

    If they can not get a mortgage, sell it on a contract of deed.
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