The expectation used to be that people would wait until they married to buy a home, and then the couple would house hunt together. But today it’s more common for singles to own a home on their own. Of course, many of those singles then become couples and households are consolidated.
If you own a home and have a new spouse or partner that you want to include on the home title, the easiest way to update your documents is to file a quitclaim deed.
A quitclaim deed adds a person to your property title without the need to refinance. The reason you don’t have to refinance is because the property title and the property mortgage are two different things. You can alter the property title with a quitclaim deed without altering the mortgage loan in any way. (Although you can certainly update your mortgage at the same time if you want to – you’ll just have to go through a whole new approval process.)
If it doesn’t seem appropriate for your spouse to become part-owner in the home without officially taking on any mortgage obligation, remember that updating your home title is not something that you must do. It’s totally voluntary and some couples never share official ownership.
Although a quitclaim deed is a document that you can fill out yourself and file in the county where the property is located, it’s recommended that you contact a closing attorney to ensure the documents are prepared and recorded correctly. There are 2 different ways to hold title to a property and you will want to make sure you have selected the option you want.
Please contact us today if you need help!
