You’ve got a great name, doesn’t it make sense for it to be written correctly on a house deed? Whether you’re dealing with a name change, marriage, or even just fixing a small typo on a house deed, it’s imperative you do it right.
Legally, the owner of a home can be disputed if the name on the deed doesn’t match the actual owner’s name. You don’t want to find yourself in legal limbo or do something to affect any current or future mortgage payments you have.
One of the best ways to determine the best course of action when changing the name(s) on your house deed is to discuss the matter with an experienced real estate agent. Clever Partner Agents are well-versed in local real estate regulations and can help both buyers and sellers to transfer any property and change names on house deeds.
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Why You Should Change the Name on a House Deed
Typically, major life events are the cause of any changes to the names on a house deed. For example, marriage, divorce, a voluntary name change, or even correcting a typo are all valid reasons why it would be necessary to change the name on a house deed.
When you prepare to sell your home or want to refinance your mortgage, it may be a good idea to ensure that all of your documents have the same name listed. If the names on your documents are different, it may hold up proceedings and get you caught up in limbo waiting for an official decision.
If you have recently gotten married or divorced, it might be necessary to add or remove names listed on the house deed. In the event of your death, you can ensure that your home is passed on to your spouse or children by putting their names on your house deed. If you neglect to add their names, transferring your property may get held up in the courts.
It should be noted that changing the name on your house deed to avoid foreclosure is often discouraged. If you are in over your head with unpaid mortgage payments, changing the ownership of your property may trigger any "Due on Sale" clauses listed in your lender agreement. You would then be responsible for paying the entirety of your home loan at once.
How to Change the Name on a House Deed
Again, there are many reasons that could require you to change the name on your house deed. Each event calls for a different course of action. Be aware that the transfer of property via name change on a house deed may call for transfer taxes in your state, these taxes can be costly to homeowners.
If you are in the process of changing your name at the same time you are buying a new home, things can get hairy. You’ll have the option to attempt to include your new name on your documents or wait until the home sale has been finalized and change the documents later.
Prior to making any changes to the name on your home deed for any reason, you should consult your attorney and title company for advisement. They can help you understand the implications and obstacles to making changes at federal, state, and local levels. A talented and cost-effective real estate agent will edit any names on a house deed.
Steps to Changing the Name on Your Home Deeds
- Give everyone a heads-up on your name change. If you are buying a home, you’ll need to let lenders, attorneys, the title company, insurers, and your realtor know about the fact that your name will be changing. They should be your primary points of contact as they are responsible for filling out the official documents of your home’s ownership.
- Be prepared to show alternate forms of identification. You may be asked to show your passport or driver’s license to speed up the process. Additionally, it’s possible that you will be asked to fill out a statement of identity to prove that you are who you say you are.
- To file a quitclaim, you must check-in with your county clerk about any area-specific laws or regulations you must follow. Typically, you’ll need to fill out a blank deed with your new name and get it into your county clerk. There may be some fees involved in the process.
A Note on Quitclaims
Typically, you cannot use a quitclaim deed on a home with a mortgage. However, quitclaims that are filed only to change the existing name on a deed are possible. One major reason that quitclaims are not utilized often with mortgaged homes is because they offer little to no guarantees.
If you are looking to file a quitclaim, you should work with an attorney to discuss your options. They will advise you and help you to determine the best way to proceed when transferring property, even to yourself.
