If my townhome association does not allow me to rent my place out, can I add my roomate’s name to my deed so that can he live there without me?
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If my townhome association does not allow me to rent my place out, can I add my roomate’s name to my deed so that can he live there without me?
Asked on January 17, 2012 under Real Estate Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I would be very careful to add your roommate's name to your townhouse as a means to circumvent the restriction prohibiting rental of the unit in that once your roommate's name is placed on title, he or she is deemed the owner of the place.
You can do what you want to do as far as placing the roommate's name on title but at subtantial risk that the roommate now becomes an owner of the parcel.
Possibly you can grant the roommate a small percentage of ownership subject to a contract where you can buy it back for a nominal sum in the next 5 years or so. I suggest that you consult with a real estate attorney to possibly structure what you want to do in order to see if your plan is viable.
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