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.
Trust Beats Quit Claim Deed For Taxes
When your parent wants to put your name on the title to his or her home, what's the best option? Is a trust or a quit claim deed the better way to go? A living trust is better than a quit claim deed because of the cost basis of the home. Cost basis is the property value that's used to calculate capital gains taxes later on when you go to sell the home.
How To Transfer Interest In Property
It's fairly easy to transfer the title of a home to another person, but transferring complete interest in a property includes the mortgage. To switch names on a mortgage, the new owner will need to be approved by a lender and then pay off the old loan and transfer the title.
Settling Condo Finances After Divorce
A woman is divorced from her husband, who lives the the condo they purchased together. She has a deed of trust and a lien on the condo, but the husband refinanced under his name. If there is a lien on the property, the husband should not have been able to refinance, so the lien may not be effective.
Tenants By The Entirety
When a married couple hold a house as tenants by the entirety, it means that the spouse inherits the other spouse's share of the property when he or she passes away. It's like being joint tenants with rights of survivorship. The house is the surviving spouse's to keep or to sell.
Adding Partner To Property Deed
To convey part of your property interest to another person, your deed must specifically state that you are conveying to a person a certain percentage ownership in the property. In some cases, the clearest way to convey title would be to convey title to yourself and to your partner and indicate that each of you are owners at to a 50 percent interest in the property.
Removing Sibling From Home’s Title
A single man put is sister on the title of his home in case something happened to him. Now that he is married, he would like to take his sister off of the title but she will not agree to the change. There are many reasons why you should always check with an attorney before putting someone's name on the title of a major asset.
Settling Property After Split
A couple splits up leaving the name of the man on the mortgage but both names on the title. Now the gentleman is stuck with the debt of the mortgage and not sole ownership of the home. The man can either buy the woman's share of the home or go to court to have the home awarded to him and become the sole owner on the title.
Buyer Responsible For Surveyor Bill
A home buyer was in the middle of a purchase when the deal fell through. The title agency had ordered a survey of the property and now the home buyer is wondering if he, or the title agency, is responsible for paying the surveyor. If it is customary for a buyer to pay for the survey on the purchase of a home and the closing agent ordered the survey on the buyer's behalf, the buyer probably owes the money to the surveyor.