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are we there yet | Someone please answer!! i tried asking but didn't get any answers!! please, i need help!!!!? |
when someone transfers a house to you, how long does it take for the title to clear and come back to you and everything once it's recorded so you know that it is officially yours??
is there any way for the old owner (it's a family member) to find out if you mortgage the house??
do the new tax statements go to you or the old owner?? (i have read that for the first year, they get sent to the old owner??)
if the old owner tells their tax person that they transferred the house, is there any way the tax person can look up whether or not the property has been mortgaged??
if you take out a mortgage, do you have to purchase better home owner's insurance?? (kind of like having full coverage on a car??) or can you keep just the basics?? |
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mibanker
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Whew..... OK.... I'll give it a shot:
1) As soon as it is transferred and a quitclaim deed is signed, the house is yours. Remember to have title company record the deed properly.
2) Any mortgage on the home is your business, and they will find out only if you tell them.
3) New statements should go only to the new owner. Make sure you have submitted the proper change of address with the PO.
4) Tax assessor does not care if you have a mortgage on the home. The taxes will be the same regardless.
5) Lender will determine the minimum amount of insurance required. The minimum is typically only the amount necessary to cover the mortgage.
Hope this helps. |
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Kelli M
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Just so you know, if your county auditor is online, they can look up the property card and see if you have a mortgage and who it's with. try it, it's pretty cool. |
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lola v
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It depends what state your in, I am in AZ and here Title transfers when you officially get your keys to the house. You should call a title company in your state and ask them this question, all state laws are different. Maybe that is why you didn't get a clear answer. Plus in some states Title info and mortgage info once rcored by the county is public info, however poeple don't normally go thru the trouble of finding that out, unless your trying to hide something from someone in particular. I really would suggest you call a title company and ask them. You may also want to call an insurance agent for homeowners... what are you afraid to call???? they aren't going to charge you or lie to you.. But there are many things in insurance and Real estate that are state specific. |
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Alex - California
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When someone transfers the home to you it is normally executed through a grant deed that is notarized and recorded at the local county recorder where the property is. As far as title goes it is your property if it is in your name only, if there are other people on the grant deed it is a fractional ownership, once it is recorded (chech your county recorder's office is the best way)
The 2nd part I don't understand re: mortgage the house. If you mean do you have a loan against the house, the title company or the county recorder can prove if there is a trust deed verifying a loan on the property. If someone though transfers the property to you through a grant deed they are still responsible and liable for the loan.
Re: The new tax statements can go to you if you have a forwarding address (check w/the county recorder).
If the old owner tells their tax accountant.... answer: title or the county recorder can verify if there is a loan on the property, it is easier though to simply ask the person transferring if they have a loan on the property and having them send you a mortgage statement.
If you take out a mortgage.....answer: there is no requirement for a warranty home insurance which covers appliances, roof etc. but you do have to have "hazard insurance" in case the home burns down or is water damaged as long as there is a loan on the property the lender demands you have this. Make sure the insurance is transferred to your name. |
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BoomChikkaBoom
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How quickly you file the deed or transfer would be the answer to your first question. Some places take much longer than others to record transfers, but it is yours after it is filed. You can get a copy stamped received on the same day you file.
Mortgages are public record as they are a recorded lien on the property. In some places, you can check online. In others, you have to make a trip to the recorders or registers office and look it up yourself.
As soon as the transfer is recorded, the tax office is notified. Again, how quickly that is done depends on where you live.
What do you mean by "tax person"? The tax collector or someone who works at H & R Block? Again, anyone who really wants to know if there is a mortgage can go down to the county office and look it up if the records are not online.
Your mortgage company will require at least enough coverage to protect their interest. Different companies have different requirements. That is a question for your lender to answer.
"it is no one elses business whether you mortgaged the property or not"
Uh ... yes, it is. |
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mlcheneyaz
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it depends on your title company and recording. if you go in right away, it records right away - a matter of days.
yes, someone can find out if you mortgaged the house
the tax statements go with the house and if you open a mortgage they actually get paid through the mortgage company with your escrow account so does your insurance. its all part of the house payment (PITI - principle, interest, taxes, insurance).
yes the tax person can find out
depending on where you live, there are certain insurances that are required but your mortgage company usually would have someone tey go through. if you dont like that price, its easy enough to change. homeowners insurance should only be a few hundred a year (i paid $340 in southern california) |
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zelli
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it all depends on the restate you have and make sure they are not cheating you tell them how long you need it to take and that they have to have it by that time |
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mazziatplay
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A transfer is effective the moment the deed is recorded. You can check on the actual recording date at the County Recorder's office.
Unless someone want to pay a few hundred dollars for a preliminary title report there is no way they can tell if there are liens against the property.
If you take a copy of the recorded deed (you can get a copy at the Recorder's officer) to the County Tax Assessors office they can make certain the tax statement go to you as soon as they come out.
When you mortgage a home you are required to have coverage sufficient to replace the structure if it is destroyed.
Hope that helps. Feel free to email me if you have further questions. |
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smitters06
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For one your personal documents should not be sent to anyone but yourself it is no one elses business whether you mortgaged the property or not, forwarded information about you to a third party is aginst the law unless authorised by you. |
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