To change, add or remove a name on your deed a new deed needs to be recorded reflecting the change. Many people think they can come into the office and change the present recorded deed with a form, but that is not the case. Once a deed is recorded it cannot be changed.
If you need to remove a name from a title deed for a property with a mortgage on it, you will need written consent to do so from the lender. Generally, it is easier to obtain this if the person(s) left on the title deed is (are) sufficiently financially secure.
The recording charge is set by the county and we charge a administative fee. For counties from Erie, Elk, Franklin and Centre to Bucks, Berks, and Butler, the charge for a deed transfer across Pennsylvania is $700, with the sole exception of Philadelphia, which is $800.
It usually takes four to six weeks to complete the legal processes involved in the transfer of title.
Getting the name changed on your deeds is an easy process and you do not need to involve a solicitor. Generally there is no fee to pay either. You simply need to send a letter to the Land Registry office requesting the name change, together with either the original or a certified copy of your marriage certificate.
The lender will need to be satisfied that you will be able to afford the mortgage as the sole mortgagor. The mortgage lender will then need to give you written consent in order to remove the other party from the deeds to your house. The lender will require the change in ownership to be carried out by a solicitor.
Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing. Both grantor and grantee are held jointly and severally liable for payment of the tax.
To transfer property in Pennsylvania, you'll need to prepare and execute a deed and record it in the county where the property is located. If the transfer was in exchange for money, you'll have to pay transfer tax.
How do I change, add or delete a name on a deed? This can only be done by recording a new deed showing the change. Many people think they can come to our office and change the present deed on record. However, once a document or deed is recorded, it cannot be altered or changed in any way.
You own your home – either all or part of it – if your name is on a legal document called the title deeds.
Can I remove someone's name from a mortgage without refinancing? A loan assumption or a loan modification could release a co-borrower from your mortgage without refinancing into a new loan. However, lenders aren't required to grant assumptions or modifications, so be willing to negotiate.
As a homeowner, you are permitted to give your property to your children at any time, even if you live in it. But there are a few things you should be aware of being signing over the family home.
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
A co-owner of a property can transfer a commercial property to any outsider without consent of the other owner. Even if it is an undivided share, Co-Owner has all rights to enter in to any sale, mortgage, lease with a stranger..
As a homeowner, you have the ability to execute a quitclaim deed to change ownership, and you don't need to refinance the mortgage loan to file a quitclaim deed. Filing a quitclaim deed will change only the property's ownership and title, not anything regarding the loan.
Most real estate transfers between family members are exempt from this tax, such as transfers between: Spouses. Direct ascendants and descendants (grandparents to grandchildren, parents to children, etc.) Siblings (including legally adopted and half siblings)
The transfer process can take up to 3 months. There are different phases involved in the transfer of a property.
In Pennsylvania, if a lease will continue for thirty or more years, in order to avoid a transfer tax, it is critical that the lease wording clearly express the parties' intent to unconditionally renegotiate the rental rate for any renewal term years beyond the twenty-ninth year and eleven months.
The transfer of the property is usually in the form of a donation (a gift) or the sale of the property to the child. A written contract must be entered into between the parent and child. The following should be carefully considered and the advice of an expert should be obtained.
Average Closing Costs
Typically for a buyer, closing costs can be about 5% to 6% of the home's value. In Pennsylvania, the average closing cost before taxes is roughly $4,000. After taxes, closing costs can average around $10,000.
Transfers of property by gift are exempt from the Pennsylvania property transfer tax (91 Pa. C.S. 193), but are subject to the federal gift tax described above. The grantor is responsible for paying the federal gift tax, and the grantee will be held liable if the grantor fails to do so .
How do you buy out a house in a divorce? With a house buyout, you have two main options: paying the remaining balance and equity in full in cash, or refinancing your mortgage and using the equity to buy out your ex-spouse. You can buy your ex's share of the equity straight out if you have enough cash on hand.
If you're buying your ex-partner out, you'd typically need to pay them half of what equity you both have in your home. This isn't always the case, as you may have contributed more towards the mortgage deposit or vice versa. This is something you'll have to agree on with your partner.
Unlike marriage, where couples acquire rights, including the right to a fair financial settlement in the event of divorce, couples who choose to live together without being married in fact acquire no additional rights over and above those that they already have.