Expert: Dick Dennis - 6/17/2010

Question
Hello Mr. Dennis,
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
There are two main ways of accomplishing that, Joseph. 1. You both sign a quit-claim deed giving title only to you. Example: Joseph and Jane Smith hereby deed 123 Main St, AnyLand, Utah to Joseph Smith as his own property. 2. If you do the same on a Warranty Deed, it warrants that the title is legit and there should be no question. I would recommend you hire a real estate attorney to do it for you to make sure it is done correctly.

If your wife was on the loan with you, then you would have to treat this a little differently. She would not be able to be taken off the responsibility for the mortgage, even though a VA loan in most cases really have only the GI on the loan responsibility . . . in most cases. While you're at the real estate attorney's office, ask him/her about this responsibility, too. I do wish you well.

Dick Dennis
dixiedee13@aol.com