Adding Wife to Deed: I purchased a house in 2005 when I was single. I got married last year. Now I want to add my wife onto the deed. What kind of deed should I use to do this? How simple is it to use this kind of deed?
It should not be big deal to add your wife to your deed so she co-owns the house with you. There are a couple of issues or matters you should consider. The more significant question then type of deed (which should not be an issue) is the title or ownership you provide for in that deed. Here's a few issues and questions.
Title: There are many ways you and your wife can own a home:
Deed: There are different types of deeds which can be used, and the names of them vary by state. Your title company or real estate attorney can tell you which one to use.
Mortgage: If you have a mortgage on the house you may need lender permission to transfer title. If it is required and you don't obtain it, if the lender finds out they could call (accelerate) the mortgage. If you have a rate on your mortgage that is lower then current rates, be careful.
Property and Casualty Insurance: Review your coverage and make sure your wife is listed if you add her to the deed. Also, now that you're a family, review the amount of coverage to make sure its adequate for your new life.
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