A title is a document that proves that you own property such as a home or a car. When you have a car loan your lender will usually have the title until you pay off the loan. When you buy a home you’ll buy title insurance to make sure your home’s title is clear and there are no liens on it. The title insurance company will run a title search to find out. Learn about how to make changes to a title here as well.
Refinance And Quit Claim Deed Before Divorce
When you separate or divorce you may decide to refinance your primary residence. If you refinance and execute a quit claim deed at the same time, it means that regardless of whose names are on the mortgage loan note, the only owner of the property is the one who did not sign the quit claim deed. When a court looks at the assets involved in a divorce, the quit claim deed will affect the future of the home.
Dangers Of Co-Signing A Mortgage
When you co-sign a mortgage or "lend" a signature to a family member or friend, you are really saying that you will be responsible for the entire mortgage, should your friend or family member default on the mortgage. Many people don't understand the true implications of "lending" a signature -- and how their actions can destroy in a few short months the fine credit history you've built up over decades.
Closing Confusion May Cause Problems
A homeowners has transferred the right to buy a property to a second party who in turn transferred it to a third party. There are certain legalities that must take place to insure that the paperwork is just right to make sure that title runs from the bank to the third buyer. The homeowner should try to get the bank to authorize the closing agent to transfer title to the third buyer
Divorce Loose Ends Could Delay Home Sale
Getting divorced includes not only having a valid divorce decree but also making sure that any real estate that you owned as a couple is clearly delineated. If your divorce decree says you get the home but then you never remove your former spouse's name from the title you could run into a problem when you want to sell the property. To remove a spouse's name from a house title, the spouse should sign a quit claim deed. When this step is neglected for many years it may require contacting the title company for resolution or going back to court.
Title Insurance Company Can Discover Deed Problems
Is a general or special warranty deed better for selling property? When selling a residential property, the type of warranty deed you use, or title, isn't so important. A special warranty deed is usually used for commercial real estate sales. During the home sale process, a title company will run a title search and discover any problems with the deed or title. Usually a general warranty deed is used when selling a residential property.
Warranty Deed And Quit Claim Deed
A homeowner is having trouble demonstrating ownership of his home to address issues with a siding contractor. He has tried to establish that he is on the title of their home with a quitclaim deed. Title insurance could solve this problem and prove that the title was transferred to him as the owner.
Estate Planning Can Prevent Future Confusion
When you lose your spouse and your spouse did not have a will it may make transferring assets such as a home confusing. Estates without a will have to go through probate, which can take some time. Learn how to clear up the ownership of a home and provide your children with clear legal ownership if something should happen to you.
Changing Title Involves Contacting Relatives In Inheritance
If you buy property with someone and he or she dies how can you ensure that you have clear title to the home? Generally, when someone dies his or her share of a property goes to his or her next of kin. You have to track down your real estate partner's relatives to get them to sign a quit claim deed or so you can buy them out of the property. A real estate attorney may also be able to help you in this situation.