Asked on Feb 20th, 2022 on Real Estate - North Carolina
More details to this question:
Am moving from MD and building a home in Lexington. I will be living with my son and daughter-in-law. My name will be the only one on the mortgage. Should I add one or both of them to the deed?
There's no reason to do that and there is some risk. You need to have a will anyways and adding them to the deed is unneccessary if you leave the house to them in your will. The risk is that if one or both of them have financial problems and get sued for debt, or they get sued for any other reason and a money judgment is entered against them, that's a lien on their portion of the house which will have to be paid upon sale or refinance of the property. The other risk is they would be free to convey their portion to whomever they choose. You may trust them completely, but you never know what might happen. Just because they reside there with you does not mean they have to be owners of the property.
This is general legal advice only. You do not have an attorney-client relationship with Attorney Lynn E. Coleman without a signed retainer agreement and payment of any applicable fees.
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