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.
Determining If Home Is Part Of HOA
Buyers sought a home without a homeowners association. Neither listing agent nor title search found homeowners association and the buyers are upset after receiving a statement of association dues
Tax Implications In Transfer Of Property Title
Transfer of property title can have many tax implications. There is no way to simply transfer title to you without you then having a significant tax issue down the line. Tax-wise, the best choice would be for you to inherit the property.
Title Transfer Through Quit Claim
Title transfer can be done through a quitclaim deed. As long as there is no mortgage on the property, the original property owner can simply execute a quit claim deed listing someone else as the owner of the property. But it's a different story if there is still a mortgage on the property. If there is a mortgage, the original property owner will want the new owner to refinance the mortgage before transferring the title.
Partial Ownership In Property Not Documented
A brother helps his family buy a home in exchange for 10 percent of the property. He never received paperwork at the time of closing documenting his stake in the property. His name was never added to the deed and now he's not sure how to proceed.
Name On Title But Not On Mortgage
Is it a big deal not to have your name on a mortgage? Not if your name is on the title to the home. Having your name on the title but not the mortgage ensures that you have property rights to a home but not financial responsibility. Regardless, you may decide to work with your partner to ensure that the home's expenses are paid on time and in full.
Quit Claim Deed May Not Represent All Owners’ Interests
When you agree to pay property taxes you likely want property ownership as well. But be careful assuming financial responsibility when only one of multiple owners of a property asks you to. If one property owner quit claims his share of a property to you, you may find that you've invested a lot of money into a property only to have the other owner or other owner's heirs come to you later wanting their share. It's helpful to contact an attorney in this situation.
How To Get Your Name Off Of Mortgage
A homeowner purchased a home with his fiance and they eventually broke up and is wondering if a quit claim deed will work. A quit claim deed will remove him from the title, but not from the mortgage. You cannot remove your name on the mortgage loan unless you sell the house or refinance the mortgage.
Understanding General Utility Easement
A homeowner recently bought a home and is having a problem with her neighbors and a general utility easement that runs through her property. A general utility easement generally specifies that the utility company has the right to use a certain portion of your line for certain specific uses. The homeowner will need to research the easement to determine if her deed should be corrected.
Name Change Will Not Affect Title
A homeowner has changed her name and would like the new name reflected on the title to her home. The name change will be confirmed at the time of sale and there is no need to change it on the title.