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.
Selling Property For $1 Results In Huge Capital Gains
A mother sells her home to her children for $1. Now they face a massive capital gains tax bill. Gifting the home or leaving it in her estate may have been a better plan to avoid huge capital gains taxes.
Selling Your Home With Mortgage Prepayment Penalty
When you sell your home you may face a mortgage prepayment penalty if you still have a mortgage loan. In addition you may have to pay taxes on the profit from the sale. To determine the best way to structure a real estate sale when you have a mortgage loan with a prepayment penalty you should contact a real estate attorney and accountant.
Adding a Name to a Title
It's fairly easy to add somebody to your title. Simply draft and execute a new deed transferring an interest in the title. But there are a few things to consider when adding someone to the title of your home.
Causes Of Title Company Problems
A former title insurance processor comments on the causes of title insurance problems and gives a bit of advice that may help you with your title problems. While some of the problems are with the title companies themselves, many filter down from the mortgage companies. The biggest piece of advice from someone in the industry is to remain polite. A good attitude will help your deal much more than getting angry.
Title Problems: Conflicts of Interest?
A title insurance professional comments on title insurance problems and why they happen. Problems may stem from conflicts of interest in which real estate agencies also own a mortgage company and a title company but don't disclose the relationship.
Title And Mortgage Problems Add Up
A lot of newcomers have joined the title and mortgage industries in the past few years in order to make a fast buck with the recent real estate gold rush. But many don't know what they're doing and many more are overworked and that makes like difficult for buyers, sellers and agents.
Mom’s Unpaid Bills
A mother and child co-own a home, though the child is the only one on the mortgage, and the mother has many unpaid bills and debt problems. The mother's creditors may pursue the home to make up for the mother's debt if they were to sell it. A quit claim deed may be the answer to ensuring the home doesn't get caught up in the mother's debts.