Legal Question in Real Estate Law in Virginia

Re: House Deed

You and your dad will each have 50% ownership. If it is titled as "Joint Tenants with Full Common Law Right of Survivorship" then if one owner dies first the other gets the whole thing. If titled as Tenants in Common and one dies, the heirs or devisees of the decedent get that person's share (so that if your dad dies first without a will, and your mom survives him, your mom will get the 50%). If your husband is not on the deed, he will get no ownership in the house. If you (or your dad) are sued and a judgment is entered against you (or your dad), it will result in a lien on the house. This may not be the best way for you to structure this transaction - see a lawyer before you do anything.

Re: House Deed

I don't believe it is necessary for your father to be on the deed in order to be a co-borrower (except perhaps to fit within a certain lending category, like owner-occupier). Other than to satisfy the particular programs available from mortgage lenders, I don't think it is strictly necessary for your father to be on the deed. If your father is a co-borrower, he is equally responsible with you for paying the mortgage. But that does not require him to have an ownership interest.

However, yes, your father would own it 50% with you, and his creditors, heirs, wife in divorce, could take their half.