Can i be added to my moms deed on her house and she be taken off so im the only one on it?

Bob
And will this be possible even if I'm not currently on the mortgage? Only my mom is on the mortgage right now but I do plan to refinance in just my name after I'm on the deed.

Keila
You would both be better off if your Mom actually sold you the house, making a gift of the equity, if that's what she wants to do.If she puts you on the deed now without selling it to you, you will inherit her cost basis, rather than getting a stepped up basis.Additionally, she could owe gift tax on the equity that she is giving to you, if it's not structured correctly.DO NOT have yourself added to your Mom's deed without having her consulting a tax advisor and an estate planning advisor. If you do try to do this yourself, you may very well end up with a large unexpected tax bill.

Eura
No, it doesn't work that way. You cannot just add your name to the deed, and then have her name taken off. This is because there is a mortgage on the house.Your mother needs to sell you the house for an amount at least equal to the outstanding mortgage. You will need to qualify for a new mortgage. Your mother needs to go to an attorney to have the papers drawn up. You will then have to apply for a mortgage. When the sale closes, the old deed with your mother's name on it will be replaced by the new deed with your name on it. The old mortgage will be paid off, and you will have a new mortgage.

Angelica
Before giving an accurate answer to the question you pose, more information is necessary. Does your mother want to deed the home to you because she is not well and there is no will in place? Is she attempting to avoid a tax lien on the home? Is she wanting to sell soon and increase the Section 121 exclusion of reportable gain? There are lots of twists and turns associated with tax law and one must view the entire picture to give you an accurate response.

Jana
You can add yourself to the deed now to make it easier to refinance the loan in your name later... It'd be dificult to remove her from title and add you on alone since you have no real interest in the property (no obligation to the loan).

Gisele
Sure, but you'll need a lawyer to do it if you want to make sure it's done correctly. The document is called a quitclaim deed.

Alvera
You can, but why? If it is because she is trying to qualify for a government program or living arrangement which doesn't allow her to have any assets, be careful. There is usually a 3 year "lookback" period to avoid this type of fraud.

Basilia
I would think the only way this could happen is if your mother signs or sells you the house.It also appears to me that you need money, and lots of it, if you plan to re-finance the house after you take it from her.

Joseph
If your mom is paying a mortgage she doesnt have the deed. She wont get it until the house is paid in full.