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Mortgage Rates
30 Yr FRM 4.95% -0.02%
15 Yr FRM 4.32% -0.01%
1 Yr ARM 4.22% -0.05%
5/1 Yr ARM 4.05% -0.06%
30 YR Tres 4.62% -0.04%
Fed Prime 3.25% 0.00%
Q: What is the best way to add my son as a joint owner in a rental property I own?
  • This depends on what you are looking to accomplish by adding him. The process to becoming an owner is rather simple, but there is minimal benefit to this other than actual ownership in the property. If you are attempting to add him to build credit for example, this is different than adding ownership.

    To add someone as an owner to a piece of Real Estate that you own you simply need to add him to the deed or title of the property. At that point he would be considered a joint owner. This is typically a one page legal document that would be signed, notarized, and recorded with your county recorder or clerk. This process can technically be handled by any individual, but often you will find that it is much easier (although more expensive) to allow a Real Estate Attorney or a title company help with this. They can prepare the document, and notarize and record it. In this case all that you would have to do is sign to add him to the title of the property. As stated above however, this may or may not accomplish what it is you are looking to do. If you are simply adding him to title so that he has an ownership interest in the property this is all that is necessary.



    If you are actually trying to add him to a mortgage that is on the property, and by doing so help him build credit, you would have to perform a full refinance. There is no way to add or subtract a person from a mortgage loan. In order to do either you must pay off the existing loan and obtain a new mortgage in both of your names. This would require credit qualifying by both borrowers. You can have someone either only on title or only on the mortgage without being on the other however, so if you goal is simply ownership, follow the above mentioned approach and you should be able to accomplish your objective rather easily.


    Answer Submitted on Thu, Feb 19 2009

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    Answer Contributed by: Antonio Cibella
    Antonio F. Cibella
    Fearon Financial
    Mortgage Banker specializing in jumbo lending and FHA lending
    E: antonio@themortgageloanblog.com
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