Buying property "subject to" vs. Adding someone to the mortgage/deed

[Michael Sand]

Hello,

I'm in a situation where my brother is looking to get rid of his house entirely, and I am looking to acquire it from him. The house is particularly appealing to me due to the low mortgage rate that he got in 2020.

My question is whether I should buy his property "subject to" or add myself to the mortgage/deed. The mortgage is not transferrable, but we think that if I'm added to the mortgage and the deed, it will be effectively the same. This is of course assuming that I can trust my brother at his word... which I 100% do, that the house will become mine, even though he will still be on the deed and the mortgage.

What are the pros/cons of either strategy? From my understanding, the only real concern with taking the latter approach is if the other person on the mortgage/deed is someone that you could potentially not trust. Subject to seems to be more ideal to avoid any confusion over ownership, but it sounds like a pretty involved process that could cost time and money (whereas the other approach is free and simple).

Any insights/advice would be appreciated!