hi thanks for watching my channel i'm
going to talk about
change of name on a property or how to
transfer title
to a property this is a very common
thing
that owners do you may want to change
the name on the property
or on the title because there's a
spelling error or you
uh changing your name to a title a trust
or change changing it to an llc or just
transferring or adding your siblings or
parents giving a gift
to the children etc so there's a lot of
reasons to transfer title or change name
of the title
so one of the easiest way and one of the
most common ways
that owners change title or transfer
title to the property
is a form what they use is called the
quit claim d
it's a very simple one-page form
obviously this is for orange county
california
depending on where you are that may be
changed but you may want to check in
your county or all that
so basically what you do is the grantor
who's changing the name
changes the name to the grantee so you
want to have the same name on your title
currently
changing it to the next name whether
it's a spelling check
or adding a sibling or adding another
person on there
once you fill out this form correctly
and legally
the other thing that you really want to
do correctly is that when you fill out
the legal description
your apn number and street address some
of them have a long paragraph
of the legal description so you want to
make sure that that is correct or
exactly as it's on the current title so
just check on that
so it's a very easy process once you
fill out the form
you can record it with a county
recorder's office and also
assure that you're sending it to the new
owner send it to
send the new owner hand deliver it or if
you cannot do that
you want to mail it with a return
receipt so you know that they received
it
and also a show that has been recorded
and that's highly recommended also
i'm going to give you some pointers on
what could happen when you change
title that you want to be cautious of
but before i do that i wanted to thank
you for watching this
youtube channel and i also wanted to ask
you for your support
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i'm mike patel with first team real
estate
right here in anaheim hills so what are
the things
that you need to be cautioned or
cautious about when you change
title or when you transfer title well
one of the things you want to be
cautious about
is that when you change title
to a new name you may lose the coverage
from the title insurance
because usually the title insurance on
the current owner is covered and when
you change the ownership
that may affect the title uh insurance
so you may want to check on that
and a good resource for checking on
these issues are your title companies or
your escrow companies
and feel free to contact me make
comments below and i'll
refer you to some escrow title companies
and attorneys should you need them
the other issue that this could create
when you change
title is that it could create a new tax
implication
because you may own the property and
you're taking tax deductions
now you change the title maybe you've
added your wife or husband and now
you're married
so that may change the tax situation or
you added your brother or sister
so that's something you want to be
cautious of and one of the
main concerns that you should have when
you change title or giving the property
somebody else outright
and just changing the title is that if
you have any balance on your mortgage
payment
and you transfer the deed to somebody
else
they own the property and you may not
own the property or you may own it in
partnership
but the loan is just on your name so
that may have
implications financially and under tax
and interest deductions
so because of those implications i would
highly recommend that you
talk to an experienced escrow officer or
a title officer
or even call your attorney or tax
accountants to make sure that you when
you transfer title there's no
issues come up later on when you decide
to sell a home or some other issues come
up
if you would like any resources or would
like to find out about where to get this
quick claim deed
or your counter recorder's office i will
put some resources in the link below
but feel free to make a comment or email
me or contact me
and i'll be glad to give you some
resources thanks again for watching
and i hope you subscribed