Deeds for Two Individuals

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Commonly Asked Questions about Deeds for Two Individuals

Does it matter whose name is on the house?

Deeds and Title Ownership Whether the deed and/or mortgage are in one spouses name or both, it does not affect the propertys classification as marital or separate. What matters most is when and how the property was acquired.

Can a house be in two peoples names?

Real property may be owned by a sole owner, or it may be owned concurrently by two or more persons.

Can my wife be on the title but not the mortgage?

It is possible for a homebuyer to be named on the title and not the mortgage. There are several reasons why someone may choose to do so; for example, a homeowner may not want to be on the mortgage if they have an adverse credit history from a low credit score or a past bankruptcy.

Does everyone on the deed need to be on the mortgage?

Yes, it is entirely possible for a persons name to be on the deed without being on the mortgage. For starters, a mortgage is only involved if the buyer of the home needed assistance financing their home purchase.

Can two people own one piece of land?

In a tenancy in common, two or more people own the same parcel of land in undivided interests, which may be equal or unequal in size. For example, two people each may own a 50% undivided interest, or one might own a 25% undivided interest and the other one the remaining 75% interest.

What does it mean if your name is on the deed?

If your name is on a deed to a house, then that means that you are the property owner. Having your name on a deed means that you have property title, which represents a set of rights you have as a homeowner.

What is it called when two people are on a deed?

Joint Tenancy. If you take title as joint tenants, you share equal ownership of the property and each of you has the right to use the entire property. If one joint tenant dies, the other automatically becomes the owner of the deceased persons share, even if theres a will to the contrary.

What happens if you are on the deed but not the mortgage?

In other words, if your name is on the deed, you are tenants-by-the-entireties, and if one of you dies, the other owns the property entirely. If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouses interest in the property if they die.