North Las Vegas, NV asked in Real Estate Law for Utah

Q: Person A- sole mortgage holder. Person B-is on the deed. Can a 3rd be added without B permission? How is equity split?

Can a 3rd person be quit claimed on the deed without person B? And then when the home is sold does the equity split three ways ?

Related Topics:
1 Lawyer Answer
Kenneth Prigmore
Kenneth Prigmore
  • Spanish Fork, UT
  • Licensed in Utah

A: Having a mortgage does not equal ownership. As long as the terms of the mortgage are met, the mortgage holder will never be an owner. Only the owner, or a court, can give ownership to another party. Equity is divided equally between owners. This equal percentage can change if the deed specifies a specific percentage of ownership, or if one party can prove it is paying more than another to improve or purchase the property.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.