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.
Refinancing Changes Names On Mortgage Loan
When you sign a quit claim deed you give up your rights to ownership in a property. If you're on the mortgage for that property you're still liable for mortgage payments. If you're on a mortgage and someone else agrees to make payments and then doesn't it will affect your credit score.
Real Estate Attorney Can Sort Out Title
After paying back and current taxes on a property that was quit claimed to you, can you take full title to a property? The answer? It depends on how the quit claim deed was drafted and what its intent was.
Calculating Buyer Closing Costs
Buyer closing costs can rack up in a hurry. Here's a detailed look at all of the closing costs you might have to pay when you buy a home.
We updated this article June 2009, take a look at the updated closing costs for buyers.
Transferring Rental Property To LLC
Most rental property owners put the title for their property in their own name is the standard, but holding title in the name of a corporation can make sense in certain situations. The advantages of holding a real estate investment in a corporation or limited liability company is to insulate the shareholders from lawsuits that may come about from the ownership of the property.
Mortgage Loan And Title Have Different Names
When you get divorced you likely have to work out who will keep your home and pay the mortgage. It's not a good idea to have someone pay the mortgage whose name is not on the mortgage loan. It's possible in that situation that the person making the mortgage payments will decide to stop and it will negatively affect the credit of the person whose name is on the mortgage loan. The names on the mortgage loan documents and the title to the house should match.
Mortgage Broker Forgets Refinancing Fee For Title Company
When you close on a mortgage refinancing you have to pay closing costs again. Among those closing costs may be a fee for a title company. What happens if your mortgage broker forgets to tell you about the title company fee until after the closing? Is it your responsibility to pay the title company fee after closing? No, it's not the responsibility of the mortgage borrower to pay for the mortgage broker's omission.
Revocable Trust Administrator Duties
If you're thinking of setting up a revocable trust for a parent or have been asked to be an administrator of one, you will need to make sure you retitle assets that are placed in the trust. Assets include primary residences, vacation properties or even stocks and bonds. Trusts are often used in estate planning.
Selling Parents’ Home After Their Death
Transferring a title from deceased owners to heirs depends on the state the property is located in. In some states, inherited property can be transferred by a court, and in others a title company may be used. It may be necessary to open probate to get the title changed on the inherited property.
Making Changes To Home’s Title
Adding names to a home's title can be complicated with the IRS. Putting names on a title can be considered a gift and have large tax implications. If you want to add names to a title to help with your estate planning, it's important to consult an estate attorney or estate planner.
Wife’s Name Forged On Quit Claim Deed
A homeowner has learned that her husband refinanced their home by forging her name on a quit claim deed. It is the responsibility of the mortgage broker to get the approval of each person on the title to the house. If the mortgage broker forged her signature, she should report the fraud. If her husband did it, she might want to take further action to protect herself and her assets.