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Ownership of real property is transferred by deed. You need to consult with an attorney who can review your situation and draft a deed that meets your needs and is properly drafted for your jurisdiction. Deeds drafted by non-professionals often contain errors that are costly to correct if they can be corrected.
What else can I help you with?
What describes an assumable mortgage?
It can be transferred from a seller to a buyer.
What happens if an alien comes to take over your house and they ask you for your name?
You tell them that you will tell them your name as soon as they show you the money to pay the mortgage; you will sign it on their receipt.
Can you sell a house with a fixed mortgage in place?
Yes, you can sell a house with a fixed mortgage in place. The buyer can either take over the existing mortgage or pay it off in full at the time of the sale.
Your name is on the deed to a house but not on the loan are you entitled to half of equity?
Yes. If you are a joint fee owner and you didn't sign the mortgage then your half interest is free of the mortgage.
How can I take a mortgage on my house?
To take a mortgage on your house, you need to apply for a loan from a bank or mortgage lender. They will assess your financial situation, credit history, and the value of your home to determine the amount you can borrow. If approved, you will sign a mortgage agreement, which is a legal contract that allows the lender to use your home as collateral. You will then make regular payments to repay the loan over a set period of time, typically 15 to 30 years.
Can you get a mortgage for a house that you are already deeded to but not on the mortgage?
All the owners of real estate must sign a mortgage that will affect the property. The bank will take into consideration the amount that is already owed on the property for the first mortgage and the ability of the owners to take on more debt.
Do you have to pay a mortgage on a house you own?
No, if you own a house outright with no mortgage, you do not have to pay a mortgage on it.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
What is the definition of 'senior mortgage'?
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.
If you cosigned for your brothers house and he has since obtained a second mortgage on the property will he need your signature to sell the house?
If you are on the title, he will have to get your signature. The fact that he got a home equity with out you signing ( assuming you did not sign ) tells me you are not on title. You would have had to sign for that also. You have to sign to every transaction if you are on title / deed to the house.
Must a husband disclose his income and sign the mortgage if his wife is the one buying the house?
Generally, not if the property will be in the wife's name alone and her income is enough to qualify her as the sole borrower for the loan. Some lenders insist that both spouses sign the mortgage.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
