Adding names to mortgage title

[raraoz]

What is the name of your state? CALIFORNIA (ORANGE COUNTY, WESTMINSTER)
My parents own a duplex (two separate homes) in Westminster, California that they are selling to me & my spouse and to my brother. But instead of getting a loan and downpayment my father wants to just add our names to his mortgage title so that we co-own it with him until his mortgage is paid off. We want to pay him a certain amount every month which a portion of it will go to his mortgage payment and the rest is his to keep. Once his mortgage loan is paid off then we will take his name off the title and we will continue to pay him the monthly payment we agreed upon. Is this legal with the mortgage company? And can we all claim the taxes on the house since all of our names will be on the title?
-Rachel
[email]r_araoz@hotmail.com[/email]

Originally Posted by raraoz

What is the name of your state? CALIFORNIA (ORANGE COUNTY, WESTMINSTER)
My parents own a duplex (two separate homes) in Westminster, California that they are selling to me & my spouse and to my brother. But instead of getting a loan and downpayment my father wants to just add our names to his mortgage title so that we co-own it with him until his mortgage is paid off. We want to pay him a certain amount every month which a portion of it will go to his mortgage payment and the rest is his to keep. Once his mortgage loan is paid off then we will take his name off the title and we will continue to pay him the monthly payment we agreed upon. Is this legal with the mortgage company? And can we all claim the taxes on the house since all of our names will be on the title?
-Rachel
[email]r_araoz@hotmail.com[/email]

Rachel, there is no such thing as a mortgage title.

Y'all need to talk to a good real estate attorney. Transferring real estate in CA can lead to disastrous tax problems if you do not do it right.

(I don't know the rules.)