Name Change on Property Deed – How Do You Go About It ?
A name change on property deed is a legal agreement under which you can transfer the co-ownership of your property to any living or corporate entity. The deed must contain the address of the property along with prospective co-holder or holder. It should be well printed on the deed document. The name change on property deed document will hold the name of all associated parties. On successful signing and acknowledgement of the name change on property deed it is recorded in the County of Record by the County Recorder and is made available as a public record.
Adding your spouse’s name by name change on property deed
If you owning a property and want to add your spouse’s name as a joint holder, then you have to make a name change on property deed whereby the title of the property would be under your name and your wife will have the right to Community Property with Right of Survivorship. The advantage here is in case either of the spouses dies then the ownership of the property will straightaway pass to the other one without any courtroom problem. Therefore the name change on property deed is the appropriate way for your spouse to have equal right to your property.
Transferring the ownership to avoid Foreclosure
Selling of your home in a foreclosure does not let the first borrowers get out of the obligation. The original borrower yet has to pay the mortgage which is held by the property. The terms of a loan are that you pay the principle amount with interest at regular intervals or EMI’s. Therefore even if you do a name change on property deed, you are yet solely responsible for it. In fact if you sell of the property to some third party, the “Due on Sale” clause will be activated which will force you to pay of the remaining amount due immediately. Therefore using a name change on property deed while you’re on a loan is risky and should be avoided.
Staying the legal way
A quitclaim on property deed is the worst thing a person can do while on a mortgaged house. Instead of solving the situation it will make it worst and you will be entailed for a lawsuit by the concerned bank. A name change on property deed is ideal when you own a house without any loan or mortgage. Whenever you’re in a situation of owing some money to the bank for your loaned house never, do quitclaim or name change on property deed or else be ready for a lawsuit by the bank.
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