If I want to add another person name to an existing rental property, what needs to be done?
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If I want to add another person name to an existing rental property, what needs to be done?
Asked on April 10, 2019 under Real Estate Law, Tennessee
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If there is no mortgage on the property, you can use a "quit claim" deed to transfer 1/2 your interest in the property to the other person. You are advised to retain a real estate attorney to help you, but it will be a simple process and your right to do this is undisputed.
If you have a mortgage, it must be paid off first, or will have to be refinanced (i.e. replaced by a new mortgage) by both persons: you cannot transfer any interest in or ownership (even part ownership) of mortgage property without first eliminating the mortgage, since transfering any interest in it affects the lender's right to use the property as security (foreclose, if necessary).
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