Colony Title Associates

Adding Someone to a Home Title

Are you wondering how to add someone to a home title? Sometimes situations in life result in couples or friends wanting to share a property that one already owns. This allows both parties to have an equal interest and ownership of the house. Learn how to add someone to a home title in this week’s blog.

Adding Someone to a Home Title

The first thing to consider when adding someone to a home title is whether or not you own your home outright. If you do, you can use a quitclaim deed to convey an interest in the property to another person, a process that is relatively simple. If you’re still paying the mortgage, you’ll have to get a loan modification and add the new person to the mortgage.

Quitclaim Deed

So you own your home outright and want to use a quitclaim deed to add another person to the title. There are pre-printed legal forms available, but the best option is to use a professional service. This will ensure all the documentation is correct, and the deed is correctly filed with the county register’s office. If you don’t do this process correctly, it could result in a big legal mess that could take a lot of time and a lot of money to clean up.

You will need to sign the quitclaim deed with a neutral third-party present. You might also have to submit the deed to a notary public for notarization. Don’t sign the document until you’re in the presence of the notary.

Loan Modification

If you’re still paying the mortgage, you’ll need a loan modification to add another person to your home’s title. This is kind of like refinancing, but easier and less expensive.

Contact your lender and ask them about a loan modification. If they agree to it, they’ll send you forms to fill out where you’ll add information regarding the new person to be added to the title. The lender will do a credit check for this person. Sign all forms and make copies before sending them to the lender. The lender should approve or deny the modification in 6 to 8 weeks. You may or may not have to fill out more paperwork to add the person to the title after this. Your lender will have more details on their operating procedures. It’s important to remember that the lender won’t release the original title until the mortgage is repaid in full.

Real Estate Closing Services from Colony Title Associates

Colony Title has been in business since 1995 and handles more than 2,000 real estate closings per year. If you have any questions or would like to speak to a representative about closing, please give us a call at 410-884-1160 or visit our website for more information.

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