Other Types of Deeds
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Other Types of Deeds
There are a number of other types of deeds commonly used for transferring house title. It is important to use the correct property deed for your situation.
In many cases, the circumstance of why you are transferring ownership of a house will determine which deed you should use.
Good to know: TITLE is the legal right of ownership to property. DEEDS are the documents used to transfer property title.
Generally, the most common house deeds used to transfer house title are General Warranty Deeds. However, there are many other real estate deeds that may be used depending on what the situation is.
You may want to transfer your property to your LLC for asset protection. Other common reasons for changing house deeds are when you want to transfer a property between ex spouses, transfer a house to a family member, add a spouse to the property title, or plan ahead with estate planning deeds. All are common situations requiring the appropriate deed.
Using the appropriate house deed will give you the most protection when you plan on transferring home ownership.
Remove a Spouse from a Deed
Many people think you need a Quitclaim Deed to remove your ex-spouse from a Deed. Additionally, many mortgage companies tell people this.
Do not use a Quitclaim Deed. Quitclaims do not transfer title in Texas. Use a General Warranty Deed.
Good to know: A spouse can be removed from the house deed even though they are not getting a divorce. Some spouses just do not want to be on the deed. Spouses may live apart or may be talking about divorce. Again, we recommend a General Warranty deed to remove a current spouse from the house deed.
Note: A Deed is used to remove a name from the house title BUT it does not remove a name from the house mortgage. A name may only be removed from the mortgage by the mortgage company. You cannot remove your name from the mortgage without the written approval of the mortgage company.
Add a spouse to a deed
If an owner wants to add a spouse to the house deed, we recommend a General Warranty Deed.
Additionally, when you add your spouse to your deed, we recommend a Survivorship Agreement for estate planning purposes.
Good to know: If you do not have a signed and notarized Survivorship Agreement, it can cause great hardship for your spouse if you have children from another marriage or relationship.
Add a name to qualify for a loan
If a property owner does not qualify for a refinance loan, home equity loan, or a home improvement loan, it is common for the lender to require the current owner to ADD someone with good credit to the home title to qualify for the new loan. We recommend a General Warranty Deed to add the new name.
Deed to transfer Property to your LLC or Corporation
If you have set up a limited liability company (LLC) or a corporation to own your property for asset protection or tax planning, you will need to transfer your property to your LLC or corporation. The transfer is not automatic. We recommend a General Warranty Deed to transfer your real estate to your LLC or Corporation.
Deed to transfer property to your Trust
If you have set up a living trust or other type of trust to own your property for estate planning purposes, you will need to transfer your property to your new trust. The transfer is not automatic. We recommend a General Warranty Deed to transfer your real estate to your trust.
Types of property deeds
There are a number of other types of property deeds that are used primarily for estate planning purposes. These deeds are used to allow you to determine who gets your property when you die instead of the government. They may be used with or without a Will.
These deeds are signed by the property owner before he or she dies and are used to transfer the deed of real estate after a property owner’s death. They ensure that transferring the deed of a house is done according to the property owners wishes upon their death.
The deeds used for estate planning are often used to avoid the high cost of probate for your family. It is estimated that probate legal fees could be $3,000 or more. However, our deeds are only $195 each.
The most common estate planning deeds are:
If the property owner dies and did not use one of these simple estate planning deeds or have another estate plan in place, you may be still be able to use an Affidavit of Heirship and a General Warranty Deed in order to transfer the heir property.
Deed Transfer After the Death of a PRoperty Owner
Most often, two documents are needed when transferring home title after a person has died without a Will or other estate plan in place to transfer their property. In this case, heirship should be determined so that a deed can be prepared to transfer or sell the property.
If you have questions about which deed is appropriate for your situation, speak directly with attorney Scott Steinbach at 972-960-1850.
All Property deeds prepared for $195
R. Scott Steinbach is licensed in the state of Texas. Board Certified by the Texas Board of Legal Specialization in Residential Real Estate Law. AV Preeminent rated by Martindale-Hubble. Peer rated for Highest Level of Professional Excellence.
Texas Property Deeds is a service of The Steinbach Law Firm.
The Steinbach Law Firm is a Texas Real Estate Law Firm. We prepare all documents for any real estate transaction in Texas.