How do I add my mother to the deed of my home? I want to buyout my ex-husband's interest in the home & need her on there

Question

I'm going through a divorce and am buying out my husband's interest in the home. My mom will be my co-borrower. The Bank states that I need to add my mother to the deed first before I am able to apply for a home equity loan. What documents do I need to in order to add her to the deed? I checked the Orange County NY Gov website and there are two forms: RP5217 (Real Property Transfer Report) and TP584 (Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax). I'm not sure which one to use. Any assistance would help. Thank you.

Carl Nelson · Answer

Both the RP 5217 and the TP 584 need to be prepared and submitted with the deed for filing.  Pay close attention to the grantors (must be the same as the deed from which the owners’ acquired title) and to the grantees (to ensure you are taking title how you wish).  Consider hiring an attorney, the cost will not be significant, and it may save you headache in the long run (county clerks sometimes reject filings if the forms are not proper).

Peter J. Weinman · Answer

Why does the bank need your mother to become an owner of your house so that she can co-sign your loan?  There can be tax (costs and ramifications) and liability issues when adding someone to the title of your home, and this should not be done lightly - and certainly not at the request of someone at the bank who owes no duty to you.  You need to retain an attorney to represent you in the refinance - maybe the attorney representing you in the divorce - to discuss and make sure it makes sense to add your mother to your deed.  And to ensure it's done properly, assume that's what you decide.

Q: How do I add my mother to the deed of my home? I want to buyout my ex-husband's interest in the home & need her on there