First time home buyer. How do I add my father to the property?

I really need help! I am purchasing a condo in MD and am quite confused. I will be paying the full mortgage, however want to add my father somewhere on the property in case something tragic happens to me (don’t want the state to take it!).

Is there a way I can add him to the property without tax implications? He is already a home owner. I want to be the primary homeowner. I don’t want it to show as he owns 2 homes and then worry about taxes. Any suggestions? I know I can create a will, but putting him on the property would be better.

I haven’t purchased the condo yet, but am in the process of doing this. So I wanted to know that if it would make sense to add him as a co-owner, because I would rather do it now then have to pay for an attorney later. I’m not worried about selling without his consent or anything.

I’m very new to this, so want to know what people usually do. When you buy a place, what do you do? I would obvisouly rather have my family have ownership over it then some bank. I know I’m thinking into it, but life is unpredictable! I want to know before settlement in case I need to get work done by the title company. It seems like most people are suggesting not to add him because I might lose any available tax breaks.

Thanks in advance for your help!

Tagged with: co owner • first time buyer • home owner • mortgage • tax breaks • tax implications • title company

Filed under: First Time Home Mortgage