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| Name | Should you add your spouse's name to the deed to your home? |
| Video Uploader | Video From LawTube |
| Upload Date | This Video Uploaded At 12-10-2020 15:01:11 |
| Video Discription | TRANSCRIPT: Attorney Tom Olsen: All right, Chrissy. Let's go to Ken in Orlando. Ken's got a real estate question. Ken, you're on the air, go ahead. Ken: Good morning. I married a woman who owns a home. We want to put my name on the deed as well. Its mortgage is paid off. There is a home equity loan, or a line of credit on it. What's our best approach for doing that? Attorney Tom Olsen: Ken, did you tell me that your wife is the sole person on the deed right now? Ken: That's correct. Attorney Tom Olsen: Okay. Ken, good news. To add your name to the deed to your home, hey, first of all, it's a good idea. Most married couples own everything jointly. There'll be no reason for you and your wife not to own this home jointly as well. The cost to prepare and record a deed, not that expensive, Ken. I am recommending that you have an attorney do it. Of course, we would love to do it for you here at the Olsen Law Group. Ken, the good news is this, also. Normally, when you're doing a deed like this, you would have to pay the state of Florida documentary stamps for the privilege of transacting this business. When it is your home and when it is a deed between married couples, no doc stamps are due, Ken. The good news is, to get this deed done for you, it's a little bit of attorneys' fees, a recording fee, you guys will done. Ken: That's outstanding news. Any issue on the line of credit? Actually, my name is on the line of credit. Attorney Tom Olsen: Ken, adding your name to the deed, your existing lender, first mortgage, line of credit, they don't care. This will not be an issue for them. Ken: Excellent. Well, that's great news. Thanks for the advice. Attorney Tom Olsen: Thank you, Ken. We would love to take care of you here at the Olson Law Group. We do this on a regular basis for people. Chrissy, when we're doing estate planning for people, often we find that for some reason the deed is in just the wife's name or just the husband's name. Then when we're doing estate planning for people, that's one of the issues that we always correct for them. Attorney Chris Merrill: We do, and Tom, you're right. It is more often than you would think. You're correct. As part of the planning, as part of the documents that we do, we do the deed. We add the spouse. We also then take care of avoiding probate. We're doing multiple things for them in just that one instrument. |
| Category | Education |
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