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.
Power Of Attorney Does Not Control All Assets
A woman tries to reclaim assets after her father's death. Before dying he lived with his mother and gave her power of attorney to handle his affairs. The woman says her grandmother passed on a car and house when the father left them to her (his daughter). What can the woman do to get the car and the house back? What rights did the power of attorney give to the grandmother?
Home Equity Loan Fraud Due To Missing Title Names
A bank issues a home equity loan on a home that has four people listed on the title: a husband, wife and in-laws. The bank approved the home equity loan without all four people signing the documents and the husband is concerned his father-in-law may come after him. Was the bank wrong to approve the home equity loan? What liability does the husband have for the home equity loan?
Quit Claim Deeds And Mortgage Loan Cosigners
Can a quit claim deed be used to remove a cosigner on a mortgage? No, quit claim deeds affect property ownership interest only. Quit claim deeds will not take away responsibility for mortgage loan debt.
Title Search May Reveal Lien
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is free and clear of liens.
Change Mortgage In Divorce: Quit Claim Deed Won’t Work
When you divorce you may want to remove some of the names on your home's mortgage. You can't remove the name of one of the borrowers on a mortgage loan using a quit claim deed. A quit claim deed can change the names listed on a home's title but not on the mortgage. To change the names on a mortgage loan you have to refinance, sell the home and repay the mortgage loan or pay off the mortgage loan with cash.
Transfer On Death Deed For Florida Mobile Home
Can you use a transfer on death (TOD) deed to transfer title to a mobile or manufactured home? Using a TOD deed to transfer title depends on whether you own the land on which the mobile home sits and on your state's laws. Transfer on death deeds are an easy and inexpensive way to transfer title of a property.
Quit Claim Deed May Determine Inheritance
How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.
Warranty Deed Or Quit Claim Deed To Transfer Title Of House
What's the best way to transfer title to a home? Options include using a warranty deed or a quit claim deed and it depends on where you live. It's important to consider estate planning needs when adding a name to the title. A warranty deed may provide added benefit by ensuring that title insurance protections continue on the property.
House Title Changes In Probate
What happens to a home after a home owner dies without a will. How can a house title change when there's no will? The home will go through probate and the distribution of the estate will depend on state law. Probate will likely result in the home being jointly owned by the siblings. Learn what happens to a home when the home owner has no will here.
Tenancy In Common And Property Ownership
A father changed the ownership of his property from joint tenants with right of survivorship to tenancy in common. The father later signed a quit claim deed giving his interest in the property to his daughter. What does tenancy in common mean for property ownership? Is the property ownership divided equally so everyone gets the same amount of land? State laws and how the father changed the joint tenancy will determine the answer to the property ownership.