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What happens if my boyfriend sells a house with my son's name on the deed?

What happens if my boyfriend sells a house with my son's name on the deed?

Q: What happens if you are on the deed but not the mortgage?

If you are on the deed but not the mortgage, you have ownership rights to the property but are not responsible for the mortgage payments. However, you may still be liable for property taxes and other costs associated with ownership. It's important to understand your financial responsibilities in this situation.

Q: What are the tax implications of adding someone to a deed?

Adding someone to a deed can trigger gift tax implications if the property's value exceeds the annual exclusion limit. The person added may also be responsible for property taxes. It's advisable to consult a tax professional to understand the specific tax consequences based on your situation.

Full question:

My boyfriend bought a house and put my sons name on the deed. My boyfriends name is the only one on the mortgage. What happens if he sells the house? Does my son have to pay any taxes or anything? My son does not live in the house, he is married and has his own home.

Category: Real Property
Subcategory: Deeds
Date: 04/07/2025
State: Rhode Island

Answer:

If your son has an ownership interest in the house, he may be responsible for property taxes and other ownership obligations. However, if the house is sold, his name will likely be removed from the deed.

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.

FAQs

Is it better to be on the mortgage or the deed?

Being on the deed means you have ownership rights to the property, while being on the mortgage means you are responsible for the loan payments. If you are on the deed but not the mortgage, you could still face financial obligations related to the property, such as taxes. It's essential to consider your financial situation and responsibilities before deciding.

How does adding someone to a deed affect the mortgage?

Adding someone to a deed does not automatically change the mortgage agreement. The original borrower remains responsible for the mortgage payments. However, lenders may require the new co-owner to be added to the mortgage, which could affect their credit and financial obligations. Always consult your lender for specific policies.

What happens if you are on the deed but not the mortgage?

What are the tax implications of adding someone to a deed?

What does it mean when your name is on the deed but not the mortgage?

When your name is on the deed but not the mortgage, you have legal ownership of the property but are not financially responsible for the mortgage payments. This means you can benefit from the property, but you may also face obligations like property taxes. Understanding these roles is crucial for managing your financial responsibilities.