Updated over 6 years ago on .
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Adding a co owner to the property title
Hey,
I'm about to put an offer to a condo in Greenwood Village, Colorado. I'm buying this condo for my mom, which lives in a different country.
She's paying cash for it, and I'll manage it for her. Our plan is that both our names will be mentioned in the title (she will own 99% and i'll own 1%).
From a buying process perspective, since she can be in town only in about 2 months, and we don't want to miss this deal, we thought that as a first step, we would only put my name on all documents/deed/title, meaning i'll be the one to buy the condo, and then, when she gets here, we'll just add her to the title.
Does is sound like a good/legal/applicable strategy?
Are there any tax implications?
many thanks