Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
Under Alaska law, simply paying the mortgage on a property does not automatically grant you a legal ownership interest. Title to real estate is controlled by who holds the deed and whose name appears in the public land records. Mortgage payments alone do not change ownership status unless accompanied by a formal transfer of title or a binding agreement.
Legal Title and Deeds
A deed is the primary document that conveys legal title to a buyer. Alaska Statute AS 34.15.010 states that recorded deeds are conclusive evidence of property ownership. If your name is not on the deed, you hold no legal title despite making mortgage payments.
Equitable Interest and Constructive Trusts
In some circumstances, contributors to mortgage payments may claim an equitable interest under a constructive trust. Alaska law permits courts to impose a constructive trust when one party holds title but it would be unfair to deny another party’s contributions. See AS 09.10.030 (imposition of constructive trusts for unjust enrichment). To succeed, you must prove:
- A clear and convincing showing of financial contributions to the property;
- A detrimental reliance on an oral or written promise of shared ownership; and
- That it would be inequitable to allow the titleholder to retain full ownership.
Co-Ownership Agreements
You can protect your interest by entering a written co-ownership agreement or adding your name to the deed via a quitclaim or warranty deed. Record the deed at the county recorder’s office to give notice to third parties.
Helpful Hints
- Obtain a written agreement detailing each party’s contributions and ownership share.
- Consult a real estate attorney before signing any transfer documents.
- Record all deeds and agreements with the local recorder to protect your interest.
- Maintain detailed records of mortgage, tax, and improvement payments.
- Consider title insurance in your name to guard against future disputes.