Full question:
My wife and I own a home that we live in want to add our son to the deed. We owe about $145.000 on it and are willing to pay for it. The bank of America said we must get him on the deed first first before they will accept it.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: Hawaii
Answer:
A deed is a legal document that transfers ownership of real property. It must include a description of the property, the names of the current owners (grantors), and the name of the new owner (grantee). The grantors must sign and notarize the deed for it to be valid. Additionally, the deed must be delivered to and accepted by the grantee, which can be shown through actions like recording the deed.
To add your son to the deed, you will typically need to execute a new deed that includes him as a grantee. This can be done using a quitclaim deed, which transfers whatever interest you have in the property without warranties. It's often used among family members. Once the deed is signed and notarized, it must be recorded with the county recorder's office where the property is located.
It's important to note that if you have a mortgage on the property, adding your son to the deed does not remove your obligation to the mortgage. You will still be responsible for mortgage payments after the transfer.
For specific procedures and requirements, you may want to consult a local attorney or check state laws, as they can vary.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.