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My relatives are putting a downpayment on a home for my

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husband and myself in MA...
My relatives are putting a downpayment on a home for my husband and myself in MA. They are signing the purchase and sales.Everyone wants to feel protected. The mortgage professional advises us to both be on the Deed to the home so when we refinance in a few years and have returned the down payment it will be easier to take their names off and assume sole ownership. Is being on the deed all we need to do or is the title involved? I would think mortgage company holds title so we only need to both be on the deed?
Submitted: 6 months ago.Category: Real Estate Law
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12/30/2017
Real Estate Lawyer: Richard, Lawyer replied 6 months ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,040
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Real Estate Lawyer: Richard, Lawyer replied 6 months ago

Good afternoon. The deed is what evidences title. The mortgage company doesn't hold title to the property; rather, the mortgage company simply has a lien (which is an encumbrance on the title) to insure payment of the mortgage. So, you defnitely want to be on the title to the property. Also, if your relatives are on the deed as well, what you want is a specific agreement with your relatives that upon repayment of their downpayment, they agree to sign a deed transferring their interest in the home to you. That way you can be sure that once you repay the downpayment, you can get title in your names alone.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 6 months ago
still confused. you say we should be on the TITLE, in addition to being on the deed? Thats two places to be listed?
Real Estate Lawyer: Richard, Lawyer replied 6 months ago

Being on the deed means you are on the title. So, you definitely want to be listed on the deed which means you are on the title and have an ownership in the property.

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