deed
Using a Quit Claim Deed Will Transfer Title And Nullify Your Wishes in Your Will
If you own a property and use a quit claim deed and later record that quit claim deed transfering title to someone while you’re alive, how does that affect the terms of your will after you’re dead? Does using and recording a quit claim deed before you die nullify the terms of your will? A reader finds herself in the situation where her elderly mother used a quit claim deed to deed her house to another daughter and grandchild.
Sewer Lines Not On Property
A home buyer has discovered that the sewer lines for his home are not on his property and needs to know how to determine who owns the next-door property. The local recorder of deeds should be able to provide the owner of the adjacent property. The homeowner says he cannot get a mortgage without the sewer lines on his property.
Use Quit Claim Deed To Retain Property After Divorce
Should you add your future spouse’s name to property you bought prior to your marriage? If you add your future spouse’s name to your house deed or title, that gives your future spouse some ownership of your house. If the marriage ends in divorce, you may ask your spouse to sign a quit claim deed, but your spouse may ask to be bought out of the property in order to sign the quit claim deed. What can you do both before and after marriage to protect your property?
Missing Will, Title Make Getting Loan Difficult
When you inherit a home you may decide to put your name on the home’s title with the help of an attorney. What if the attorney you hire to help you with the title loses the documents that prove you own the home, including the will and the title? You may have to contact the local courts to ensure that you own the home if the will and deed are missing, especially if you want to get a home loan to repair the home.
Selling Home Includes Title Company’s Transfer Taxes
What are the seller charges that are listed on the statement you receive from the title company after selling a home home. Ilyce explains that every state has taxes called transfer stamps that the seller must buy so the title company can put them on the deed before the home sale is final. The transfer taxes are public record, so you can check with the title company to see if you have been charged correctly.
Former Home Owner Still Responsible For Gift Home’s Mortgage
If you give your home as a gift to relatives without checking to see if the mortgage loan is assumable, as the former homeowner, you are still responsible for the mortgage. The situation is worse if mortgage is still in your name but the deed is in the name of your relatives. As the former home owner, you are responsible for all the mortgage payments, and need to either refinance the mortgage in your relatives’ names, or transfer ownership back to yourself.
Home Loan And Deed In Couple’s Name, What Happens In Break-up?
If you are engaged and get a first time home buyer loan in both of your names, but call the wedding off, who is responsible for the mortgage? As long as the deed is in both of your names, you are both responsible for the mortgage. Eventually you will have to sell the property or refinance the mortgage in just one person’s name.
Removing Name With Quit Claim Deed
A daughter owns a home with her parents but is considering using a quit claim deed to remove her name from the title so she can buy a home with her husband. Signing a quit claim deed will remove her from the title but will not take away her obligations of the mortgage. The daughter should wait to sign a quit claim deed until the parents have refinanced and her name is off of the mortgage.
Claim Mortgage Interest Tax Deduction If Name On Documents
When you buy a home you may want to write off the interest you pay on the mortgage loan. But who can claim the mortgage interest when the person making the mortgage payments may not have his or her name on the mortgage loan documents? In order to claim mortgage interest on taxes your name has to be on the mortgage documents. The names on the house deed do not affect the mortgage interest tax deduction.
Homeowners: Deed To Home Stored In Safe Place
Homeowners should keep the deed to their home in a safe place. Homeowners who want to display their deeds in a creative way, should scan the document and use the copy. Homeowners should put the original copy of the deed to their home in a bank box or another safe place.
