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Buying or Selling a Home/Name change/removal in property documents

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Expert: Jim Root - 6/17/2010


Question
Hello Mr. Root,
First of all, thank you for volunteering.
My wife and I bought a condo in VA few years back when we were not married yet. We both had a last name change due to marriage. Now we would like to reflect that name change on the condo ownership documents. We also want to remove the wife's name from the ownership. What documents need to be change? What are the costs and taxes if any associated with it?
Thank you
Joseph

Answer


Hello JOSEPH--

Your questions are more for an Attorney or Title Company Official. Either of then can see to it that all of your Condo Ownersdhip documents reflect your new nameS ( I assume because you said BOTH of you had a last name change due to the marriage that you have hyphenated your former last names?)

As for removing the wife's name from all these documents,it might not be wise to do so in the case of your Homeowners Insurance or on your Title Inurance Policy.AND YOUR LENDER WILL NOT REMOVE HER NAME FROM THE MORTGAGE (Promissory Note & Deed of Trust) UNESS YOU CAN "REFI" AND OBTAIN THE NEW LOAN WITHOUT HER INCOME, ASSETS,CREDIT SCORES,ETC.Right now they've got two of you "on the hook" for paying your monthly PITI--there not going to let one of you "off the hok,' especially in these "troubled times" in the Real Estate & Mortgage markets.

Visit first with a Title Offcer at the Title Company that issued you your Title Polcy. He/she MAY be able to handle all of this for you without charge. if not, spend a C-note to consult with a lawyer and go from there!

GOOD LUCK!


--JIM  

Buying or Selling a Home

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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