Music. If you've recently married and already own a home or other real estate, you may want to add your new spouse to the deed for your property so that the two of you own it jointly. To add a spouse to a deed, all you have to do is literally fill out, sign, and record a new deed in your county recorder's office. However, this action can have a financially devastating outcome if you don't prepare in advance. You may want to consult a real estate attorney to find out if adding your spouse to your deed will achieve the result you want. Part 1: Preparing for the transfer 1. Read your mortgage: If you have a mortgage on your property, it may have a due-on-sale clause. This clause gives your lender the right to demand payment in full of the balance you owe on the mortgage if you sell or transfer some portion of your ownership. The reason the property is the bank's security is that if you don't pay your mortgage, the bank can seize your property. Obviously, if you sell or transfer some of your property, that gives the bank less security. However, there are exceptions to the due-on-sale clause, which are spelled out in legislation known as the Garn-St. Germain Act, specifically 12 U.S. Code 1701(j)-3: preemption of due-on-sale prohibitions. There are nine exemptions, nine cases in which a lender may not invoke the due-on-sale clause. Exemption six is a transfer where the spouse or children of the borrower would become an owner of the property. Nevertheless, if your mortgage has a due-on-sale clause, it doesn't hurt to notify your lender in writing of your intent to add your spouse to the deed. 2. Recognize you will lose some control over your property: When your name was the...
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Grant Deed California 2024 Form: What You Should Know
Note that such deeds will not convey title only to the real estate in the grantees name. • GRANT OR CONTRACT DEED (“contract” as in “give”) o A grant deed is used when a current owner gives the deed to a third party, such as a contractor or broker, to transfer title to real estate property. To transfer title to real estate property, the Granter must then sign the grant deed.
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