If my name is on the mortgage, and my sister in law is on the town deed along with myself, who is the legal owner of home the home and property?
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If my name is on the mortgage, and my sister in law is on the town deed along with myself, who is the legal owner of home the home and property?
I purchased a double home in NY because my sister in law and family were unable
to get approved for a mortgage. They were to pay me half of the mortgage. My name
is the only name on the mortgage, but both of our names appear on deed for the
town. Who is the legal owner of this home and property?
Asked on May 10, 2016 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
The deed sets out who owns the home. If your name and your sister-in-law both are on the deed, then you both own the home: i.e. you are both legal owners, and own it jointly. However, you are the only one obligated to pay the mortgage, if your name is the only one on the mortgage.
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