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    Native Nurse's Avatar
    Native Nurse Posts: 1, Reputation: 1
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    #1

    May 13, 2009, 03:01 PM
    Adding someone to title
    I have been living with my boyfriend for some time now and paying for half the bills and mortgage. He recently decided to add me to the title of the house. Does anyone know if there is an easy way of doing this, with forms we can download from the internet? The least expensive way. THANKS
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    May 13, 2009, 03:45 PM

    No this is not that simple!

    Is there a mortgage on the property? If so, he NEEDS to consult the mortgage lender first. Any change in ownership can trigger the Due on Sale clause written into almost all mortgages.

    Second, if you are not married and he adds your name, he is essentailly selling you a half interest in the property. If you do not pay fair market value for your share, then the IRS will consider it a gift and charge him gift taxes.

    However, if you are married this does become easier. You can be added to the deed as a spouse without incurring gift taxes and the mortgage lender will be more likely to agree to it.

    So the first stop should be the mortgage lender.
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