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Mount Vernon Transfer Tax RPT - Judicial Title form

hello this is dave at titlesearch.com and afx title one of the most common requests that we get is how to change the name on a real estate or property title the first thing to start out with is what name is the property currently titled in and you don't want to go by chance you don't want to go by a deed that you have in your hand you want to actually look at the current property title status off of a current title search to make sure you know what the property name is currently vested in if you start out with the wrong information you may transfer title from one name to another and find out that the original name wasn't correct to begin with start by definitively understanding whose name the title is in first and then you're going to look to see are you adding a name subtracting a name changing a name to determine the best route to go for the execution of documentation if it's a family transfer sometimes you can use a quick claim deed to add a name change a name or to put it in another family name is it a marry made or is a person on title become married become divorce and it's the same person just a different name that may require additional documentation such as an authorization or even an affidavit of name change now is it a typo is their current name on title that's spelled incorrectly or worded incorrectly maybe with a wrong middle initial that may require correction deed to change that information and be very careful when using a quitclaim deed to adjust a name on a property most properties if it has a mortgage it will also have a title insurance policy if you use a quitclaim deed you may void the current coverage on that title insurance policy normally title insurance will cover the current owner the property as long as they own that parcel for any types of title insurance claims so you know ownership issues lien issues and the like and even boundary issues if you quit claim deed the property even to your own name with a typo or to a spouse name or adding an in some cases that may trigger cancellation of that title insurance policy so be very careful when using a quitclaim deed to make sure that you're not avoiding an existing title policy if you have a mortgage on the property using any type of transfer to change a name or add a name is also problematic because most mortgages have a due on sale clause meaning that if the property is transferred that mortgage is due in full 100% as of that date you can no longer make payments you have to pay the mortgage off in full so if you quickly need the property to yourself and another person or change the name technically that mortgage company may require that mortgage to be paid in full now will they normally enforce that initially maybe not but down the road if there's any question about the mortgage or any issues they can refer back to that mortgage due on sale clause and cause the mortgage to be paid in some cases mortgage companies will audit their mortgage portfolios we get this all the time as a title search company we'll get a list of a thousand properties the mortgage company will say look run these properties through title to see if they're still owned by the person who originally borrowed the mortgage and if in some cases that's been changed they're going to go ahead and contact that mortgage borrower presumably to either get it due on sale clause completed or even to buy down the mortgage so you don't want to run into that with your lender checking with them as far as changing the name most cases they'll sign off on it if it's reasonable you don't want to find out that later you also want to check to see if there's any other unintended results of that name change are you putting somebody else in a position of ownership in case of your becoming deceased or becoming divorced is it put your property or your assets in the name of you don't want it to be in or in conflict with maybe your will or your state if you're putting a property into a trust or changing the trust be careful of taxes or tax consequences you might want to check with a qualified attorney or tax preparer to make sure any tax consequences of changing property ownership comes into play especially with regard to homestead status if you're in a state where you have a property that's homestead it and that helps you reduce your property tax if you change the name or add an that may affect your homestead status on that property in a way that you didn't intend so double-check that a couple of things to do when you're changing a name on a property verify that the legal description of that property and all of the deeds are correct you want to look at your current deed the title search which hopefully you'll have done at the time of name change and also your new deed in the new owners name make sure all the legal descriptions match up perfectly a legal description may be a one or two paragraph description of that property and every line and every detail has to be correct from one to the other there's one small error you may have to do this process all over again later to make sure that that legal description matches so double-check to make sure that all the details are correct and last be aware that when you do add a name or subtract a name from a property it may make some of the liens less obvious on a title for example if you change the name from Bob Smith the Mira Jones that Bob Smith is not going to be the current owner and any liens that accrue to that name may not be obvious on a simple current owner search that's done later in the name of Mary Jones so make sure that if somebody is doing a search and you didn't name change or quitclaim deed that prior names are also search for liens and mortgages to make sure that they're all reflected on the current title if you need more information or have any other questions or glad to help any time you can reach us at titlesearch.com there's probably a link below this video you can click on the get there and we can answer questions that might have to do with real estate or property titles thanks for the video and see you next time