Profile picture for biglotsure

Adding a name on the title

We are buying a home in Fairfax, Virginia and would like to add someone on the title of the home. This person is not on the mortgage and we would not want this person related to any financial stuff related to the house. 

Does anyone know whether this will adversely affect anything related to financial matters down the line? i.e. refinancing the home etc... I guess while selling this home the person's signatures would be required but other than that could there be something else?
  • January 02 2013 - Fairfax
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Answers (5)

One of my clients included a daughter on the title. The daughter was only 10. The client was trying to make sure if something happens, her daughter will inherit the house. Apparently it wasn't the best way to do it. Because the daughter is not 18 years old, she would have to have a guardian assign to her to sign on her behalf. Make sure you don't run in this type of situation. Call a title company who can add the name. Title company have an attorney and I'm pretty sure they will give a quick consultation for free.
  • January 07 2013
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Profile picture for Ofe Polack
I suggest that you discuss the consequences with either a real estate attorney or the title company that will be doing the closing, either can help you.
  • January 02 2013
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Profile picture for JeffOstlie
I am not licensed in Virginia but generally speaking there are a number of issues that could arise as it relates to "adding a name to the title." 

First off, you should understand that you are not simply adding a name to the title, you are conveying an interest in the property to another person. In other words you are giving them something of value, also something that could result in liability. 

Second, your mortgage almost certainly contains a due on sale clause, which would be triggered by a conveyance of the property interest. 

Third, there could be gift tax consequences that you could be responsible for. 

Fourth, the individual would own a right to this property -- and would probably need to sign any future mortgage agreements -- even if they were not responsible under the note and they would definitely need to sign if you wanted to sell the property in the future. 

I have a lot of people who call my office with this question -- almost universally they do not fully understand the ramifications of what they are trying to accomplish. Your best bet is to hire a real estate attorney in Virginia, explain what you are trying to do and why you are trying to do it and see what their advice is. 
  • January 02 2013
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Profile picture for Matt Hiatt
Although I would love to answer your question, real estate agents are not allowed to give financial, legal or tax advice. I would contact an attorney that specializes in real estate transactions.
  • January 02 2013
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Consider speaking with a real estate attorney to determine the best way to go about this.....
  • January 02 2013
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