Can Someone Not on Mortgage be on Deed?
Hello!
First-time home buyer and currently starting the contract on a house. Can my partner who is NOT on the mortgage be on the deed? How would I go about that?
Thanks!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Bank won't allow it if you ask. I own 2 properties where the loan is in the sellers name and the deed is in my name, we call this a subject to transaction. The bank may ask to remove the person from the deed if they find out.
My experience is yes. We have one property the mortgage is on my husband only, but both of us are on the deed. Ask your mortgage company if it can be done.
Yes, this is possible and fine whether you live in a community property or common-law state.
@Eliott Elias that's not accurate and an entirely different scenario than is being asked about. Yes you can have a non borrowing owner, and you can absolutely tell the lender during your purchase.
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@Stephanie Math
Yes. I am not on our mortgage but on deed
Just coordinate with seller and lender - as long as one of you qualifies.
@Stephanie Math
Yes but not a good idea, unless they are a significant other, child, parent and so on. The person on mortgage is responsible for loan. Meanwhile, the second person on deed is enjoying ownership without responsibility to pay.
I was able to get my domestic partner on the Deed… after negotiating with my lender and sharing how unfair it is for him to NOT be on the deed because he made the 3.5% downpayment. later on my lender apologized for the hard time they gave him because they looked deeper into it and in the state of Virginia a domestic partnership is the same as being married. Maybe try that?
Yes, you don't have to be on the note (mortgage) to be on the deed. One has nothing to do with the other. The easiest way to do this is to have all parties on the Offer to Purchase. The title company will use this information when preparing the settlement documents. Cheers!
