Me and my parents have decided to purchase a house together that we could not otherwise afford to purchase separately. I am selling my home so that I can pay my share of the mortage loan in one lump sum payment to my Dad prior to purchasing the home for use as a down payment or shortly after the purchase of the new home, directly to the mortage company, depending on when my closing takes place, and be done with my financial obligation on the mortgage while they finance the other 2/3 of the remaining cost of the home themselves. I am currently unemployed. I have asked that my name be put on the deed to protect my 1/3 investment in the home but my Dad says my name cannot be on deed initially because I am unemployed right now.
Firstly, is this correct? Is it not possible to have my name put on deed right from the start since I am paying 1/3 cost of the home in 1 lump sum payment?
Must I secure employment to get my name on deed? Is that the only way?
To first poster. QUICK claim deed, not QUIT claim deed. Although, maybe I am confused on the terminology. I just want my name on the deed so that if parents pass on. I can sell the home to recoup my 1/3 equity.