Legal Question in Real Estate Law in New Jersey
property
My boyfriend is building a new house. 1/2 is mortgaged and 1/2 was paid cash. He wants to give me 1/2 of the property when he dies. Can I be on the title and not the mortgage? Or what other documents can we have drawn up besides a will (which can be contested) to be certain that I get the 1/2?
1 Answer from Attorneys
Re: property
You may be added to the title if the mortgage holder consents in writing, because most mortgages prohibit transferring any interest in the property without consent. If you have less than stellar credit, the mortgage holder may be concerned that ny liens against you would attach to the mortgage, and may not consent.
If you were not the borrower, you need not be added to the Note, which is the obligation to pay; the Mortgage is security for the payments and other obligations in the Note.
A person may leave anything to anyone, but Wills may be changed again and again at any time before a person dies.
Do you have specific reason[s] to believe that the will would be contested?
You, but more likely, your boyfriend should consult an estates lawyer to assist him in adding you to title and for his estate planning. If either of you has children, you should have wills anyway. Everyone should also a have Durable Power of Attorney, an Advance Health Care Directive [also referred to as a Living Will] and a Health Care Power of Attorney.
My NJ office is in Collingswood [Camden County].