Legal Question in Real Estate Law in Pennsylvania
putting my name on deed
my father wants to put my name on the deed to his house.he currently has a mortgage on this house,but has insurance in the event of his death the mortgage will be paid off.if he adds me to the deed will this affect the insurance?and could i become liable for this mortgage?
1 Answer from Attorneys
Re: putting my name on deed
I you inherit the house the cost basis will be the value of the house at death. Its the best deal going its like no one pays for the appreciation of the house.
If he gives you part ownership interest now it will be a gift assuming you don't pay him. It may violate the terms of his mortgage. you will be jointly liable for the real estate taxes. Unless you're add to the mortgage you won't be liable for that but the bank will take a dim view of it.
If you have any questions feel free to contact me. The initial consultation is free.
{John}
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
