What You Should Know About Property Deeds
Nobody frames property deeds and hangs them on a wall. In fact, if you asked most home owners where they kept their warranty deed or grant deed, they'd probably look at you funny, like maybe you're the only person on the face of the Earth who hasn't heard the joke about why American Idol is so popular. (Answer: Because it has a commercial for 24.) The truth is, nobody even thinks about
property deeds until they need to find a deed or sign a deed.And when would that be, you ask? How about when you want to change the title on your house? When I married, I called my local title company and asked them to draw up a new deed reflecting my married name. I was charged $25, which included the notary fee, even though the going rate was $125. I got the break on price because I argued it took 3 minutes to draw up a deed and offered to record it myself. But why would I change title? Because then the tax bills would come in my married name, no other reason, because it's certainly not legally required.
I'm confident, however, that you will have better reasons to learn more about property deeds such as warranty deeds, grant deeds or quitclaim deeds than simply wanting to see property tax bills printed with a different name.
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Comments
When transfering a quit deed over to your spouse, is she also libel for the mortgage payments. Or is this a separate issue.
Until both names are removed from the mortgage, both remain on the mortgage and liability is shared. However, if you no longer own the home, it has been argued that you are no longer responsible for the mortgage. In the past, some creditors have accepted a copy of the title transfer as proof when considering credit for the debtor no longer in title. But it would be better for both parties in the long run if the person in title refinances the existing loan, which will remove the other party from liability. For more information, seek a knowledgeable real estate lawyer.
my ex. husband quick claimed the house to me. but im not on the mortgage. can he change his mind and sell the house? what if any thing can i do to assure that i keep the house? Im responsible for the mortgage.
Not if you recorded the quit claim deed in the public records. Did you record it?
Husband purchase home, on the Warranty deed, his name alone is listed, but does not state he is married. On mortgage papers, again his name is listed, but does state that he is married. This is in Minnesota, when it comes time to sell, will the buyer realized that the wife needs to also sign? If wife did not sign, what could happen?
You should speak with a lawyer because the wife most likely has a vested, if unrecorded, interest in the home. If the home is sold, a title company would ask for the wife to sign a quitclaim deed or it would not issue title insurance. If there is no title insurance for the buyer’s lender, that lender won’t close.
On the other hand, if a buyer paid cash for the home and did not purchase title insurance, the buyer could be purchasing a home with a cloud on the title.
Divorcing in AZ. Husband only on mortgage. Both Husband & Wife on Title/Warranty Deed. Husband wants to foreclose/short sale. Wife doesn’t. Payments current. House upside down 50K. Can mortgage company come after Wife if there is a foreclosure/short sale? Can wife’s credit be damaged? Can Wife be liable for deficiency to lender or for tax purposes to IRS? Please help.
I don’t know Arizona law, and even if I did, I couldn’t give you legal advice because I am not licensed to dispense legal advice. You really need to talk to a lawyer. I can say that it is unlikely you would be held responsible for a debt that you did not incur, but your divorce lawyer should be able to properly advise you and perhaps will suggest recording a quitclaim deed to your husband to remove any interest you may have acquired in the home.
If a husband and wife are on the deed and mortgage and they have a traditional will, willing everything to the other upon death, what can they do to assure that the ones wishes are absolutely granted.
One is worried that if they pass before the other, that they will not provide a equal split of the estate to all of the children.
my husband passed away last year. I made out a quitclaim deed. me as the grantor leaving my two boys as the grantee after i pass away. I was told Ithey would have to pay a 40 percent tax if this is not made out by a lawyer. is this true. and if so when soud I regester the form
ann
It might not be the tax to file that people are warning you about, it may be the tax basis of the home that is transferred. You should not arbitrarily record deeds without talking to a lawyer about the tax consequences. Some people set up living trusts to avoid this tax.
My dad has a prenup with his wife of 6 years. listing his house as his property. Our house is in his name only (from before marriage) We are adding my name as joint tenant, what role, if any does she have in this procedure?
Prenups are often subject to interpretation. You may want to ask his wife for a quitclaim deed and get legal advice as I can’t give you legal advice.
I bought a condo, and paid the taxes for it and a garage that came with it at the same time. I also got a letter saying both were in good condition and paid all fees for the garage. when I got the deed there was no mention of the garage, it was left off the deed. what can I do?
How long from date of signatures does one have to record a quitclaim deed in public records?
You should talk to the title company to see if the garage was included.
Couple has been living together for 17 years
Man wants to end the relationship, her name is on the deed but his name is on the mortage and he has been making full payments,how do you get her name off is she is not willing to take her name off the deed or move from the house until it is sold
My brohter bought a house in CA a few yrs ago with just his name on the title (grant deed). Now he wants to add my name to the house title so he drafted a new grant deed (indicating a new owner addition) + a prelimentary change of ownership (gift with no montary exchange). But we have a question on Pre. Change of Ownership form *Part I Transfer Information F. Did this transfer result in the creation of a joint tenancy in which the seller (transferor) remains as one of the joint tenants?* Should we mark yes or no? What does *yes* mean & what does *no* mean? Should anything be marked as *yes* on this *Transfer* section?
Please kindly advise. Thank you!
You should never try to prepare a legal document yourself. Ask a title company or a lawyer to do it for you.
Thank you for the prompt reply.
I am sorry hat I did not word it correctly last time. We did have an escrow company do the paperwork for us, however, we just want to double check the check mark on this section since some of our friends/relatives did the exactly same thing before with other professionals and their documents were marked slightly different on this *Transfer* section.
We would greatly appreciate it if you can clear this up for us.
Thanky you.
Thank you for he prompt reply.
I am sorry that I did word my question correcly last time. We did have an escow company do the paperwork for us, however, we just want to double check the check mark on this *Transfer* section since some of our relatives/friends did exactly the same thing before and their documents were marke differenly in this section.
We suld greatly appreciate if you can clarify this for us.
Thank you.
I would like to know in the State Of Florida does a husband have the right to claim any part of my property that I purchased from my Father due to his age it was to be inheritance but he sold it to me.
To keep from having to pay any taxes his self.
But now I am having trouble in this marriage I want to sell this property and have the money to purchase a place to live I have 2 children my property has a house but it needs to be refurbished
If my husband and I divorce and my name is not listed on the deed or mortgage(we bought it a year before we married) am I entitled to anything?My name is on every mortgage payment.
It would depend on your state law and your lawyer’s advice. In community property states such as California, something as simple as co-mingling of funds may give a spouse an interest in a property without the spouse on title.
I am an out of state property owner and considering gift deeding a small property over to a local investor to remove a tenant and make repairs for city compliance. I understand that I will still be responsible for the mortgage. What other implications should I be aware of?
Perhaps whether the investor records the quitclaim and whether the lender will call your loan due and payable because title transferred.
Ex husband got house in divorce, both our names are on the mortgage, after 3 yrs he still has not removed my name. Will a quitdeed relieve me of financial responsibility?
A quitclaim deed transfers title but it does not remove you from the mortgage. Why don’t you ask your husband to refinance the mortgage? And you could ask your lawyer to draw a quitclaim deed and record it.
HELP. Divorced 5 years ago…house is mine per divorce but ex never signed quit claim. Am remarried and want to refinance with both our names and get ex off mortgage and deed. Can’t find ex to get the quit claim signed..only have divorce giving me sole ownership of house. What do I do to get refinance and deed change?
meant to add that am trying to refinance now and get all of the names changed. Mortgage co said I have to get a “certified” property sale contract. Who certifies this and how do I get that? Where do I get it certified if I get the contract signed? They said NOT by a notary…so who?
I have never heard of a certified property contract, so can’t help you there. As for the title problem, you may need to hire a lawyer to initiate a “quiet title” action. The lawyer who handled your divorce probably should have received a quitclaim or interspousal deed from your ex-husband at that time.
I own a new home and recently married. Would like to put my husband’s name on the deed so that we can refinance. What is the waiting period from when you ad a spouse to the deed and when can you refinance?
You can most likely add your husband at any time but to refinance, you have to have equity. If you have equity, then you can refi right away and add your husband.
My husband and I, in our 60s, are planning to get a first time home. I am not employed. What are the financial liabilities and benefits to me if I out live him and end up with a lot of mortgage to pay?
Also, would my signing or not signing the mortgage have effect on this?
Perhaps you may want to take out an insurance policy on your husband, naming you as the beneficiary? You might want to ask your insurance agent this question.
Whether you sign the mortgage has no bearing on the fact that it will be secured to the house you buy and doesn’t vanish just because a person dies. The money is still owed to the bank. If you can sell the home for enough, you may be able to pay off the mortgage.
transferring a piece of property from me to my trust….do i need to do quitclaim deed or a warranty deed?
Generally speaking, a warranty deed transfers title and a quitclaim transfers an acquired interest, but each state has different laws. You should ask a title company or a real estate lawyer to make sure you comply with the laws of your state. Both types of deeds do essentially the same thing.
I co-sign with my sister so she can get the loan for property. I want to quitclaim it over to her, I want no part of it, but I don’t want to be legally responsible. If I quitclaim it am I still responsible for the mortgage and any law suit if someone try to sue?
Most likely, yes, because your name is still on the mortgage. Perhaps your sister can refinance, which would remove your name.