Thanks for the reply! I was hoping you’d weigh in.
Can they claim the interest without me adding them to the deed or the mortgage? I’m reading elsewhere that if we can prove they are an equitable owner, perhaps by entering a written agreement, that that would work without having to go through the hassle of adding them to the deed. Do I have that right?
The only written agreement I’m aware of you can enter into with them on this, is a rental agreement. Anything else risks violating the terms of the mortgage. This is not rocket science. Get the lender’s okay to add them to the deed, then do it. That removes all doubt of them having a “vested interest”. At worst, the lender will require your parents to sign a document declaring they have no claim to the property should the lender have to foreclose on you. If your credit is as good as you say it is, this shouldn’t be a big deal.
I bought my parents a house and put the mortgage in my name, but they pay the mortgage payments. Should I add them to the deed for them to be able to claim the property taxes?
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