Legal Question in Real Estate Law in Texas
Do I own half of the property?
In the purchase of of new property, my spouse is going to put the loan soley in his name, but says that my name will be on the deed? He said the mortgage company said that I have points against me because I have 3 credit cards with balances,even though I have paid the bills in a timely manner. Will I still be considered half owner of this property?
1 Answer from Attorneys
Re: Do I own half of the property?
Yes, it is possible to be a part owner of the property without being responsible for repayment of the loan.
When real property, such as land with a house on it, is sold, the Seller must sign a deed, usually a warranty deed, to the property. The deed will state the name or names of the Purchasers, and those Purchasers become the owners of the property.
So, if your name is listed in the deed as a Purchaser of the property, and the deed accurately and properly describes the property you are trying to buy, you are a part owner of the property.
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