Why You Would Do Them and Who Can Do Them
Why would you do a title change after Close of Escrow? Who would do it for you?
- Purchasing a Home – there are situations where a co-buyer, i.e. a spouse, parent or child, is unable to qualify for the loan. The Escrow Officer can only create the documents needed to close the purchase of the home. Once the purchase is completed, any changes to title have to be done “outside of escrow.” Several years ago, due to the mortgage crisis, Escrow Officers were discouraged from doing accommodation signing because it might adversely impact the new title policy. Companies like Quick Claim USA that are familiar with real estate, mortgage lending and title and escrow process are the ones that can make these after Close of Escrow accommodation changes. These companies are a great resource for Escrow Officers, Real Estate Professionals and Mortgage Lenders because they provide a much needed service.
- Refinance a Home – in a refinance someone may have transferred the property into a living trust, a business name, or may have added another family member to the purchase of the home. The person(s) added to the property after Close of Escrow or originally on title, may have credit, income, employment or other challenges in regard to qualifying for the new refinance loan. In this scenario, the Escrow Officer can create the deed which will remove the “non borrowing” co-owner. After the refinance is completed, these borrowers generally want the title to be put back to the way it was prior to the refinance. Companies like Quick Claim USA can once again provide the needed resource in these circumstances. The non-borrowing co-owner is deeded back on to the title of the property.
Attorneys are able to make the title change after Close of Escrow, however they do not necessarily use the same type of deed that an Escrow Officer would use. Attorneys generally use a quitclaim deed as a catch all when changing ownership of property. A quitclaim deed does not guarantee ownership of the Grantor. In other words, you might be added to the title of a property via a quitclaim deed, however, there is no guarantee that the person conveying title actually owns the property. Kind of like selling something you do not own. Attorneys and Title Company involvement in real estate transactions varies from State to State. It is important to understand the governing rules of the State the property is located in. Of course, the other thing is that sometimes attorneys are beyond the budget of those needing these services.
Here is more detailed information on how to go about changing title of a property.
We are always available to answer your questions about your unique scenario. We can be reached at 702.233.4014.
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.