Is it possible for my mother to make me half owner of her house with out any money exchanging hands? Basically to put me on the deed making us equal partners?
3 Answers from Attorneys
Yes, by adding you to deed.
Yes, what the prior attorney stated is correct.
Your mother would need to draft a new deed. The new deed would created giving the house back to herself and you in one deed. The new deed where you share half ownership in the house would replace the old deed. Keep in mind that if there is a mortgage that mortgage would still be tied to the house and must still be paid by the person(s) named on the mortgage.
In essence, your mother is making you a gift by putting you on the Deed. Aside from a mortgage question, there are nuances that should be covered. As a co-owner you could be held responsible for real estate taxes, homeowners insurance, utilities, etc. You and Mom should have some written agreement regarding the rights and responsibilities of the co-owners, so I suggest you have an attorney assist you in this transaction..