Legal Question in Real Estate Law in Virginia
How Do I Add Partner's Name to Deed?
I have very bad credit and have a collections agency after me. I just made a small payment to them. I'm afraid of a judgement against me happening, so I want to add a partner to my deed (I just inherited a mortgage-free condo) so they can't impose a judgement and take my condo. My partner just declared bankruptcy. How do I go about doing this?
3 Answers from Attorneys
Re: How Do I Add Partner's Name to Deed?
In addition, if you transfer title to the property while you are insolvent, you could find the conveyance set aside because it may be deemed fraudulent.
Re: How Do I Add Partner's Name to Deed?
Furthermore, Va Code Sec. 55-80 entitled void fraudulent acts provides in part as follows:
Every gift, conveyance, assignment or transfer of, or charge upon, any estate, real or personal, every suit commenced or decree, judgemnt or execution suffered or obtained and every bond or other writing given with intent to delay, hinder or defraud creditors, purchasers or other persons of or from what they are or may be lawfully entitled to shall as to such creditors, purchasers
or other persons, their representatives or assigns, be void.
On other words, one thinking about making such a transfer of property as you've proposed in your question need not even be insolvent nor on the cusp of filing for bankruptcy for such a conveyance to be considered legally void.
Re: How Do I Add Partner's Name to Deed?
Unless you are married to your partner, this will not help AT ALL in preventing a creditor from selling your condo to satisfy a judgment. See a lawyer before you do anything.
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