Sharing is caring — at least that’s what has been drilled into our minds. And for the most part, it’s true.
However, if you’re contemplating making the ultimate step in sharing — adding someone to the deed on your home — it’s a good idea to consider the consequences. It’s important to understand that when you add someone to your deed, you are entitling them to the same “bundle of rights” — control, enjoyment, possession, exclusion and disposition — that you have as a property owner. Before adding a loved one to your deed, it’s important that you speak to an estate attorney and your mortgage lender to ensure you understand your rights and to determine if this is the right move for you.
Here are five things you should consider before adding someone to your deed. Read more.