Kingwood, TX asked in Contracts and Real Estate Law for Texas

Q: What does it take to change names on a deed?

My son is buying a condo. After he closes, I want to give him half the down payment in exchange for half ownership. What will be required?

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered

A: He will have to execute a Deed to you for a one/half interest as a tenant in common.

But apparently it will be subject to a security interest, and the lender might exercise a due on sale clause for foreclosure. Hire a competent attorney prior to the condo purchase. You might be better off buying with him from the start. In any event there will be HOA fees each month.

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