How do we get a new name put on the mortgage?

Question

im buying into my partners home and he wants to put my name on the mortgage. how do i do it and how much will it cost?

Answer 1

Usually, you have to have a purchase agreement outlining the details of how you are going to buy part of your partner's interest. You'll need a lawyer to do this. I did it using guru.com and it only cost me $100US. When you're dealing with someone you trust you don't need to spend thousands on an overly complicated agreement. However, you'll need to hire a local 'conveyancer' as they're called here in Canada to register the title change. You also have to pay land transfer tax at this time on the part you are buying.

The bank part is easy because once all of the paperwork is out of the way they just add your name, and providing none of the terms of the mortgage change then it should be cost free.

In Canada, when I bought half of my friend's house it cost me $100US for the purchase agreement (he paid half). About $200 for the solicitor to register the change of title, and about $900 in property taxes. If I had gone strictly with a lawyer it would have cost me at least $1000 plus the property taxes.

If you're in the US I'm sure there are similar options available. Because you're dealing with a friend you can come to a mutually agreeable way of carrying out the transaction without involving two lawyers (yours and his/hers). This will save you $$$ big time.

Answer 2

see a solicitor

Answer 3

go to a lawer