How To Be Added To Title?
My fiance and I are looking at buying a bank owned foreclosure that we may or may not turn into a rental down the road. I have a home in my name and she does not so we will most likely do the financing in her name only but what is the best way to title the home with me on it? Should we do an LLC or just have her quit claim me to it? Can we even have a property titled to an LLC even if the property is orginally planned to be owner occupied? Thanks in advance.
It sounds like this is going to be your personal residence, which may change to a rental down the road. If so, you may need your credit and income to support the property, not just your fiance, but talk to a mortgage broker about that. Being added to the title just requires a quit-claim deed that you can get at the county or your title company. I see little point in placing the property in an LLC if it will be your personal residence.
Thanks for the response. What if we decide to use it right away as a rental or lease purchase, what is the best way to title? I realize that our rate may change if we buy as an investment as opposed to a primary residence, but she does not have a home in her name and should qualify with no probelems... Income and credit is not an issue.