Legal Question in Real Estate Law in Massachusetts

Re: Refinancing home -- quit claim deed

You would have to actually file the deed for the Mortgage company to accept her as having title. I would try to see if they would accept, if she simply acted as co-signor and guarantor without taking title. If you do add her name to the deed, you need to have an agreement between you and your girl-friend as to what happens if you split-up, including the division of equity.

If you simply put her name on a deed as a Tenant in Common with no agreement she can claim half the equity in the property.

I suggest you contact an attorney to assist you with this.

Re: Refinancing home -- quit claim deed

BEWARE - If you purt her name on the deed as recommended by the mortgage broker (who gets a commission for you doing this) then you will be giving her a GIFT of one half the home. If your relationship does nto work out, you can find yourself forced to sell the property (one owner can force the other to sell) and you will be out of a home. Consult an attorney BEFORE taking legal advice from a mortgage company... they do not operate with your best interests in mind, only their own... they get paid a commission based on you refinancing, they are not responsible when you lose your home. An attorney can assist you in protecting your home and other assets.

Re: Refinancing home -- quit claim deed

I agree with both.

If this is the step, a dangerous one, you should really have an additional agreement related to the purpose of this conduct, and how future disputes between her and you about the ownership of the property are to be resolved.

If and when the relationship fails, and she claims 1/2 interest in the property seeking its sale or partition, what are you going to do???

Re: Refinancing home -- quit claim deed

As the other answers indicate, you could be creating a real problem for yourself. Generally, we caution unmarried individuals from jointly owning property without a written understanding between them. There are risks for both of you, including the possibility that her credit rating tanks if the mortgage doesn't get paid, and the possibility that you couldn't buy her out if you were no longer a couple. (If you have poor credit and cannot refinance now, will she be carrying a mortgage and expecting repayment in the future?)

This is a situation where we would recommend that each of you has an attorney to advise you of risks so that you both go into the transaction with eyes open to your respective risks, and that a suitable written agreement between the two of you is prepared before anyone is committed. It probably wouldn't take much time, but would be very valuable to you both down the road.

As far as the remainder of your questions, once you have resolved the contractual details between you and your girlfriend, the rest is "trivial" and could be taken care of in conjunction with closing on the new loan.