If my husband and I have dual ownership of a house, how do we add our daughter as a co-owner?

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If my husband and I have dual ownership of a house, how do we add our daughter as a co-owner?

My husband and I have dual ownership of a house for which we are still paying a mortgage we have loan modification approved for a number of years). What steps have to be taken in NY to add our 23 year-old daughter to the title of the house without transferring the mortgage obligations to her? Is there any difference if she is married or single? What type of deed should we pick for this process?

Asked on May 12, 2011 under Real Estate Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Yes, you can add her to the deed of the house by transferring the deed from you and your husband alone to you and your husband and your daughter.  But you need to be aware of what your mortgage says about that and if it "accelerates: the mortgage to be due and owing.  That could be an issue for you. Your transfer to her is an inheritance of sorts and no, it does not matter if she is single or married.  It is her separate property.  I can not tell you what type of deed to use here and honestly this may not be the correct way of estate planning for you.  It may be a better idea to transfer the property in to a trust nd have your daughter be the beneficiary of the trust when you pass away or even the trustee (although not always a good idea; it depends).  Also, you should consider some type of mortgage insurance should you pass away and leave a mortgage so she would get the house free and clear.  PS  Are there siblings here?  You need to seek help in your area.  Good luck.


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