It’s imperative to have the correct names on a deed, as ownership can be disputed if the deed does not match the actual owner’s name. Thus, when a significant life event takes place, it’s vital to either add or remove characters on a deed for a transfer of equity.
Certain circumstances sometimes call for an individual to alter information on their deed. For instance, you’ve had your name legally changed for some reason. It may be due to divorce, marriage or personal problems. In that case, you’d want to update your deed as well, so you won’t find yourself in a bind from ownership dispute later on.
With that said, there are proper procedures in changing the name on your deed. So if you want to find out more information about this process, read the article below for the specifics of name changes on property title deeds.
When to Change Name
There are several reasons why people change names on deeds. However, most of them are usually because of major life events like marriage and divorce. That being so, there are other instances wherein one must update their deed like the ones below.
1. Typographical Errors
It might seem unnecessary to undergo the arduous process of changing the name on your deed just because of a typo, but trust us when we say that misspellings can be a ground for dispute. Thus, you must check all your documents to ensure that all details are written correctly.
2. Change in Marital Status
A marriage or divorce may require you to either add or remove names on your deed. If you’ve recently changed your marital status, it’s critical to update your deed as soon as you can. However, do note that you have to talk to everyone involved, such as your mortgage company, as well as your partner or ex-partner.
3. Voluntary Name Change
Suppose you voluntarily had your name changed in a legal manner. In that case, you’ll want to transfer assets and equities under your current name to make sure you retain ownership. Always make sure all your documents are listed under the same name to prevent you from getting caught up in legal proceedings.
How to Change Name
The procedure of transferring equity and changing names on your deed isn’t that difficult. In general, you’ll just have to inform the individuals and entities involved. This refers to your lawyer, agent, realtor and the like. You’ll also have to prepare documents and forms that prove your identity, especially when you’re updating your deed due to typographical errors or legal name changes. And finally, the last step is to file a quitclaim by filling in a blank deed.
Remember that it’s important to keep your deed up-to-date with accurate information. Thus, when something major happens in your life, it’s vital to prioritise updating your deeds and plans. It’s also imperative that you remove and add the names of people accordingly. In this way, you can ensure that your assets will go to the right people after your death.
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