Can I add a second person to my deed?

Question

I am thinking about adding someone to my deed on my house. Can it be done? Advise how.  I would like to know the risk and benefits of doing so. Thank you.

Thomas Phipps · Answer

You can file a quit claim deed adding the person's name.  Or, you can file a beneficiary deed.  The person won't get the property until you die.

Richard Keyes · Answer

Here in Missouri, if you wish for that person to get your house upon your death, then do a beneficiary deed.  This avoids probate of the house, but if you change your mind, you can revoke the beneficiary deed or sell the house without the consent of the person listed on the beneficiary deed.  If you quit-claim the house to yourself and another person, then you cannot sell the house without their consent and you cannot revoke the quit-claim deed.

James Maguire · Answer

Yes. That can be done.   The main risk would be that the person you add to the title gets into   financial trouble, and creditors take the house.

Michael Doland · Answer

Of course. "You" prepare a deed from yourself to yourself+someone. The reason you need help is deciding, "as tenants in common", or a "Joint tenants" or in some other form. The risks and benefits are dependent on your factual situation.

James Frederick · Answer

Yes, this can easily be done. It needs to be done properly to avoid having potential problems. If this is set up correctly through an estate planning attorney, there are no risks. The benefit would be having the person you want to receive the property get it, without having to go through probate.

Dara J. Goldsmith · Answer

You need to review your loan documents, i.e., promissory note and mortgage/deed of trust to determine if there is a due on sale clause. If there is you may run afoul of it.  you should have your paperwork reviewed by an attorney if you are unsure.  This information is only intended to give general information in response to an inquiry.  It does not establish an attorney client relationship.  This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.

Christine Socrates · Answer

If you add a second person to your deed then you are opening up your property to that person's creditors, divorce, etc. If the reason you are adding a person is to avoid probate, then you can do so by a transfer on death affidavit and not have to add this person to your deed.

Ben Liu · Answer

Yes, but you should consult with an attorney first. There may be other options.

Sanford M. Martin · Answer

Yes, by quit claim deed, it is simple to add a joint owner. By adding an owner, there are increased risks. For example, if the person you add is sued for a debt, the joint ownership property becomes vulnerable to such claims. It is an obvious risk of ownership.

Thomas Edward Gates · Answer

You can add another party using a Quit Claim Deed. By doing so, you give up part of your rights to the property. So, if you sell the property at a later date, the individual would get part of the proceeds.

Brian Haggerty · Answer

It's usually not a good idea. Don't think of this as "adding someone to my deed." What you are doing is giving someone part ownership of your home. That person then has all the rights of an owner  you cannot change this later without that person's agreement. You have to consider gift taxes (at least filing a return). If you make gifts, and you later need benefits for long term care, the gifts may disqualify you. If the part owner has tax problems, credit problems, then you end up with liens on your home  or it gets foreclosed. BTW, if you have a mortgage on the home, mortgages always have a "due on sale" clause. You cannot give away part of the home, or sell it, without paying off the mortgage. Bottom line, though, is, "why?" There is no sensible reason to do this. If you want the person to have the home when you pass away, make a will. If you are concerned about incapacity, give someone power of attorney (be VERY careful who). Maybe one in 100 times do I see a situation where giving someone a part interest in the home is the sensible course of action. Most times, it turns into an expensive mess.

Norman Green · Answer

Yes, you write, deliver and record a deed to yourself and whomever.  Why would you want to do this?  Is it because you want to prepare and file a gift tax return?  Is it because you want to risk losing the house to the other person's creditors?  Is it because you want the property tax assessment to be changed?

Mark T. Peters · Answer

Sure, you just make a new deed to you and the other person as either joint tenants (right of survivorship), tenant in common (no right of survivorship) or spouse (maybe a right of survivorship depending on a number of factors). The problem with that is once you add them, you cannot get rid of them unless they agree.

Victor Waid · Answer

Yes, you can add a person to your deed. Obtain a blank deed and deed a share to your person. Be careful as these documents have long term consequences; you are advised to seek the consultation of a estate planning lawyer; an improper titling will cost your person significantly.

Christine James · Answer

You need to meet with an attorney to go over the risks and benefits. They depend upon your specific situation and who you want to add to the deed and why. Generally it is not advisable and better to do an estate plan gifting the property to the person you want to have it after you are gone.

Bernard H. Greenberg · Answer

Yes you can. However before you do so, consult with an attorney specializing in estate planning.

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