Can I simply add 2 people to my the title of my property with a quit claim deed?
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Can I simply add 2 people to my the title of my property with a quit claim deed?
I bought a bank foreclosed property that needed a complete rehab. I got a couple
to do it and invest in it and now I want to add them to the deed for there sweat
equity and money they spent on the rehab. They are living there now and I want
to add them to the deed and then the 3 of us get a mortgage on the property
to pull our monies out for our needs. Is there any problem with the legality of this?
Asked on October 26, 2017 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You can add them to the deed, but need to do so by deeding from you to you, "John," and "Jane": you want to create a situation where you each have a equal ownership interests in the whole property, and you do that by a simultaneous transfer to *everyone*, including yourself, who will end up an owner. You can do what you want; and a quitclaim deed is one possible way to do it. With a quitclaim, you would do as suggested: since in a quitclaim, you give up your interests in the property (you "quit" your "claims" to the property is one way to remember how it works), you would give up all your current sole claim to or interest in the property to you, John, and Jane, who would then jointly own the real estate together.
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