Legal Question in Real Estate Law in Texas
buying a house in Houston, TX
im not in the loan but i want to be in the title and i was told that if im not in the loan, i can not be in the note. pls. confirm is this true. my name will not be in the warranty deed and yet it will be in Deed of Trust, since TX is a community property.
1 Answer from Attorneys
Re: buying a house in Houston, TX
No, that is not necessarily true. TItle to property and the obligation to pay the mortgage are two different things. You can be on title without being on the mortgage. However, changing the the title may have a "due on sale" clause, which means that a transfer may constitute a default of the loan (read the documents to be sure.) If the mortgage has a due on sale clause, you can request the mortgage company to waive it (in writing) and then transfer a share of the property.
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