The process of including an additional individual on a property’s title involves legally transferring ownership rights. This action effectively grants the new individual a stake in the property, with the specifics of that stake determined by the type of ownership established. For example, a parent might add a child to a deed to facilitate inheritance or provide financial security.
Adding someone to a property deed can streamline estate planning, avoiding probate upon the original owner’s death. It also allows the new owner to immediately benefit from property ownership, sharing in its appreciation and potential income. Historically, these additions have been used for familial transfers, partnership agreements, and establishing joint ventures within real estate investments.
