Name on House Deed

[Peach]

What is the name of your state (only U.S. law)? North Carolina

Hi!
My mom is buying a house, and she wants to have my name on the deed along with hers (I am an only child, so there are no disputes in regard to this). Since I will be looking to get a mortgage myself in the near future, I do not want to be placed on her mortgage (also, since I am not working I would not be an asset to her anyway). Should my name be placed on the deed when she purchases the house, or should we just wait until it is recorded and then add me on after the fact? Are there legal issues with doing it either way?
TIA!

[FlyingRon]

You bet there are SUBSTANTIAL legal issues to doing this.

First off, you won't likely get a loan in this day and age without all the names on the deed being referenced in the loan.

Second, you don't just "put names on a deed." In order to get names on the deed you have to give ownership. What she is advocating is giving you half the house. This is a change she ca not reverse. By doing this you also become liable for the property taxes and other liability issues (other than the mortgage) that arise.

Further, it's lousy estate planning if that's what she's after, there are better ways for the both of you to accomplish this.

[HomeGuru]

Yes, I agree. Seek advice from an estate/tax attorney.