Can I purchase a property under mine and my parents name (on the deed) but only my name on the mortgage? Do I tell the seller this at the time of paying earnest money? How does this work?

likehelpful
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You probably just need to confirm with your mortgage lender and title company what the implications are, but you should not need to disclose to the seller. It was very straightforward to have a mortgage only in my name and add my wife to the title, but since it is your parents I think it may cause a taxable gift (though you have the lifetime exemption to utilize so you would just need to file a gift tax return).

helpful

No need to disclose to seller. Many people do this especially in multigenerational households. As a mortgage officer, I just clarify what the implications are of doing this which is parents will have ownership without the liability

helpful

Thanks so much folks - also, at what point can I have their names added? Do they need to be on the purchase agreement when I sign going under contract? Or do I add them later?

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