The process of including an additional individual on a property’s ownership document involves legally transferring a portion of, or all of, the existing owner’s interest to the new party. This action creates shared ownership. For example, a sole homeowner might decide to bring a spouse or family member onto the title, establishing a co-ownership arrangement.
Altering a property deed is a significant legal step, bestowing rights of ownership, including the ability to sell, mortgage, or transfer the property interest. It is important when circumstances change, such as in marriage, establishing a domestic partnership, or planning for estate purposes. Clear title and accurate record-keeping is crucial to avoid future disputes or legal issues regarding the property.