Deed vs Mortgage: Which is more important?

 In Real Estate Law

Regarding property ownership, two essential documents are the deed and mortgage. Out of these two, the deed is undoubtedly the most important one. It acts as concrete evidence of your rightful ownership of the property. However, that’s not to say that the mortgage is less critical. A mortgage is a legally binding agreement between you and the lender that permits the lender to foreclose against you if you fail to comply with your loan repayment terms. Therefore, it’s imperative to keep these documents in order and safe. Armed with these essential documents, you can confidently embark on your journey towards owning your dream home!

The deed is in my spouse’s name only. Should I add my name to the deed?
If you’re looking to add your name to a property currently in your spouse’s name only, you may wonder whether it’s best to add your name to the deed. Adding your name to the deed will give you ownership rights of record and protect your interest in the property. On the other hand, adding your name to the deed may not be in your best interests if you have issues with creditors chasing you for money, as this would give them an asset to attach. Ultimately, the decision will depend on your circumstances and goals, so carefully weighing the pros and cons before deciding is essential.

My parents want to place my name on the deed.
Adding your name to your parents’ deed can have benefits, such as avoiding probate and ensuring that the property passes directly to you upon death. However, this approach can also have some drawbacks, such as tax implications and potential legal issues if you have siblings or other family members who may contest the transfer of ownership. Additionally, this would not avoid any potential Medicaid issues. Therefore, it is always a good idea to consult a lawyer before adding your name to your parents’ deed. A lawyer can help you understand the legal and financial implications of such a move and advise you on the best course of action for your specific situation.

What are the steps to adding my name to a deed?
If you plan to add your name to a deed, it’s essential to consider working with an attorney. Doing so can provide you with valuable legal guidance and peace of mind by ensuring that the deed is legally sound and that all legal requirements are met. Additionally, an attorney can help you navigate potential legal issues, saving you time, money, and stress in the long run.

We would love to hear from you if you need our services! Call us at the Law Offices of Lipsey & Clifford, 1-(800) 466-3130. We’re always here to chat about your real estate needs and help answer any questions. We look forward to hearing from you soon!

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