If your customers are refinancing and one of them has changed their name, you may not need a new deed. For example, if the parties were married after they bought the property and one spouse had a name change, the first page of the mortgage can simply be amended to state, “New name f/k/a Old name.” (f/k/a stands for formerly known as). The signature line on the last page of the mortgage can then simply reflect the new name. The identification that is tendered to the Notary Public should match the new name. On the other hand, if you are adding or removing a titleholder, you may very well need a new deed.
When you have a situation that may require a deed, please call our office and speak to Maureen O’Donnell , Gary Snyder or Maria Cristiano. They will help you explore the situation and figure out the best path forward for your transaction.
If a deed is required, it is always best to consult an attorney to discuss the issues and prepare the deed. It is also a good idea to talk with an accountant regarding any tax consequences.
If you do need a Quit Claim deed, keep in mind that often requires a trip to the village or city hall of the municipality where the property is located to fulfill its requirements. This often requires providing a copy of the signed deed, filling out forms, and obtaining an exempt stamp which may result in fees.
Read more in our latest issue here.