When you first bought your house, you were likely so excited that you could hardly wait to get through your closing and take possession of the property. There are certain important matters that often seem insignificant in the early days of homeownership.
Eventually, people may have to circle back and re-address these issues. For example, many people eventually need to change how they hold title for their home.
The way that you hold title affects everything from how much you pay in property taxes to what happens to your home when you die. You may want to change how you hold title because you have started estate planning, you are about to retire or you have recently remarried. How do you update the way that you hold title to your property?
You will need to execute a deed
Perhaps you and your spouse assumed ownership of the property as tenants in common, and now you want to change that so that you are joint tenants with rights of survivorship. Perhaps you purchased the property as its sole owner, and now you want to hold the property in a trust. Changing how you hold the home can protect it from creditors or help you transfer it more easily to someone when you die.
When you intended to change the name on the title for a property, you have to first execute a deed. All of the current owners of record will have to willingly sign a deed releasing their interest. Once the county records the deed that includes your new vesting information, the way you hold the property officially changes.
Learning more about deeds and other parts of real estate laws can help you protect your home as you age and even after you die.