Can my name be put on a home deed by way of a quick claim deed if I am unemployed?

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Me and my parents have decided to purchase a house together that we could not otherwise afford to purchase separately. I am selling my home so that I can pay my share of the mortage loan in one lump sum payment to my Dad prior to purchasing the home for use as a down payment or shortly after the purchase of the new home, directly to the mortage company, depending on when my closing takes place, and be done with my financial obligation on the mortgage while they finance the other 2/3 of the remaining cost of the home themselves. I am currently unemployed. I have asked that my name be put on the deed to protect my 1/3 investment in the home but my Dad says my name cannot be on deed initially because I am unemployed right now.
Firstly, is this correct? Is it not possible to have my name put on deed right from the start since I am paying 1/3 cost of the home in 1 lump sum payment?
Must I secure employment to get my name on deed? Is that the only way?
To first poster. QUICK claim deed, not QUIT claim deed. Although, maybe I am confused on the terminology. I just want my name on the deed so that if parents pass on. I can sell the home to recoup my 1/3 equity.

  1. Reply
    May 1, 2011 at 4:43 am

    Employment has nothing to do with deed status. Yes you can.
    Why a quit claim deed? If you are buying a property together, it should be a warranty deed and as a co-owner you should share equally.

    Problem may come with them mortgaging your property; they will be getting a note for property you own without you signing the mortgage, making foreclosure a problem. May have to do ownership in 1/3’ds. That may be the problem your dad is referring to.

    BTW: THere is no such thing as a QUICK claim deed; and that is not going to allow you to take title after your parents death. Depending on the state you live in you probably need a warranty deed taking title as joint tenants with right of survivorship

  2. Reply
    kathy k
    May 1, 2011 at 5:11 am

    NO, your father is NOT correct, PLEASE be sure to talk with an attorney before you get into a loosing mess!
    If worse comes to worse, keep what you already have, it’s yours! Do NOT pay your Father directly, make the check out to the company that is handling the loan for the new home, make sure he knows you have a vested interest in the property..protect yourself, if you are NOT on the Deed, you have NO legal claim on the property.
    We just got my nephew a home, he is still in school, and not only has no income, but owes for student loans, the home is in HIS name! PROTECT YOURSELF!

  3. Reply
    May 1, 2011 at 6:06 am

    Talk to a real estate law attorney in your state. (There might be something your father thinks he understands but doesn’t. Misunderstandings happen a lot more than the human race would like to admit.)

  4. Reply
    May 1, 2011 at 6:40 am

    This is only my personal opinion, and not legal advice.

    If I understand the quit-claim deed, it is used when one person no longer wishes to have a continued interest in a piece of real estate which is already title in their name (as in a divorce situation). I don’t think that it can be used in this situation, but I am not an attorney.

    If your credit is good, you should be able to be listed as a co-signor on the mortgage and on the deed, regardless of your employment status. However, that would make you jointly liable if your parents should default on the loan.

    I would think that you should be able to secure your interest in the home by use of a lien placed upon the property for the amount of the down-payment that you make. However, this lien would be secondary to the mortgage company’s lien, and if the loan is foreclosed, you might only get money if the property sells at auction or otherwise for more than the mortgage.

    I would advise you to consult an attorney. The mortgage company is out to protect their interests, not yours, and it may be that they have told your father that your name canot be placed on the deed.

    Another option to explore is to have the house placed in a living trust, with both you and your parents as trustees.

    Best of luck to you!

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