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.
Do I Need Title Insurance?
Even if you're not legally required to buy title insurance, not buying title insurance is a mistake. Get title insurance and give yourself peace of mind. You might be very sorry if you don't get title insurance if there were errors in the conveyance documents or unknown issues that could cause a problem on your title.
Estate Planning: Trust May Be Better Than Quit Claim Deed
When an elderly parent wants to pass along a property to a child, a trust may be the better choice in order to avoid probate and an increased cost basis. Some families think about using a quit claim deed, which allows the owner to sign over all ownership and financial interests in a property. Using a quit claim deed means the recipient receives the property at the original cost basis which could lead to high capital gains taxes upon sale.
Title Not Affected By Name Change After Divorce
When a woman gets divorced and marries for a second time her name may change. Does this name change affect the validity of a house title? No, a house title remains in effect regardless of which name you use. To ensure that a property be transferred to the correct heirs, it's important to go through estate planning including setting up a will.
Management Company Obligated To Pay For Fence
A home owner would like to replace their fence and believes the management of the development is obligated to pay one half the cost. They could try sending a letter to the property manager by certified mail (return receipt requested) along with a copy by regular mail. In the letter, they need to make sure to outline the scope of the work and the expected cost.
Adding Minor To House Title
A family wants to add their daughter, a minor, to the title of their home. Because she is a minor, the daughter cannot own the home directly, but can own a piece of it through a trust, which can be set up through careful estate planning. A custodial account could be set up for the daughter as part of the family's estate planning.
Estate Planning: Joint Tenant Ownership Of Parent’s Home, Or Will Estate Later?
Should you add your name to your parent's house as a joint tenant or whether the home should be provided for in the will as part of your parent's estate planning? Ilyce explains what would happen if you became a joint tenant, such as whether the IRS would levy a gift tax, as the make estate planning decisions. Ilyce outlines several options as far as estate planning, joint tenant ownership, and whether you should purchase the home from your parent and apply for your own mortgage.
Credit Errors a Problem For Home Buyer
How should a first time home buyer deal with the errors on her credit report? The husband file for mortgage while the wife sorts out her credit history. Get errors on your credit report resolved immediately. You never know when you will need to rely upon your credit score.
The Risks Of Buying With Family
A woman and her husband want to purchase a home with her sister, with the sister paying the down payment and the wife and husband on the mortgage. Buying a home with family members can be a sticky situation, and there are many issues to think through should something not go as planned with either sister. A good real estate attorney can help create a partnership agreement between the sisters in regard to buying their home.
Co-Owner Refuses To Refinance
A co-owner refuses to sign refinance paperwork. Who is responsible for the payments? Who is the true owner of the house? What are the owner's options?