Legal Question in Real Estate Law in Massachusetts
Adding a 3rd Person to the Title/Deed to share 25% of the Property
In 2005 My father and I bought a property in Massachusetts, we each own 50% of the house but the mortgage is in my name. From what I understand the mortgage company will not let me own less than 50% of the property since the mortgage is only in my name. Now my father wants to add his wife's name to the 50% he owns. The attorney who made the original deed of the house said he can make a new deed so that I remain 50% owner of the house and my father and mother share the other 50% as joint tenants each sharing 25% of the house. That way if my father passes away my mom will own 50% of the house. The problem is my father is elderly on a very low fixed income and he doesn't have the money to pay the attorney to do that. Is there any way we can add my mom's name to his 50% without the attorney cost?
1 Answer from Attorneys
Re: Adding a 3rd Person to the Title/Deed to share 25% of the Property
To draft a deed of like you want should not cost more than $125.00 plus the recording fee of $125.00.
All the attorney needs is a copy of the existing deed and the recording information of the mortgage. You can try to do it your-self, but you might mess it up.
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