How to add an owner to property if the mortgage has a
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How to add an owner to property if the mortgage has a
I want to add my parents to the deed of the house my husband and I purchased. They live with us and we a have a lot of repairs and updates we want to do. My parents can contribute cash to the projects and we can give them a percentage of ownership. However, we have a mortgage and
Asked on August 1, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
There is no way to add them with a "due on sale" clause in the mortgage without paying off the existing mortgage (e.g. replacing it with a new mortgage that all four of you jointly take out). A due on sale clause is triggered by any transfer of the property, including putting it into a trust (when you put property into a trust, you transfer ownership to the trust).
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