Archive for category: Helpful Resources

What The Beatles Should Know About St. George Short Sales

Well, what the Beatles should know about St. George short sales depends on which Beatles we’re talking about. Paul and Ringo are still alive, but they are rarely, if ever, seen in the Saint George, Utah area. And if Paul and Ringo should know about a St. George short sale, they’re either looking for a bargain or they simply love the beauty and climate of Washington County for the next of their many houses.

Whether those Beatles are interested in the real estate of Southern Utah is for me to know and for you to find out. (You wouldn’t want me to fall out of their graces for revealing secrets, would you?) Perhaps there are other Beatles who may wish to buy a house in St. George. Beatle-loving entomologists, who changed their name to Beatle or folks born with the surname Beatle are options to pursue a St. George short sale; and while ESPN broadcaster, Michelle Beadles, may love St. George, her name is spelled with a D.

Regardless of which Beatles or blokes are considering a St. George short sale, they should know the following six things.

When the owner of a property owes more than it’s worth, he or she may be in the less-than-ideal financial position to sell the property as a short sale. This means that he must get the lender’s permission to sell the house or land for less than what is owed. If the seller convinces the lender that he is in financial hardship and can’t continue to make the mortgage payments, the lender will often agree to a sale of the property for less than the balance of the mortgage. This is preferable to default and foreclosure for the lender, because, for example, $200,000 is better toward a debt of $235,000 than nothing, and foreclosures cost the lenders much more.

Selling your house as a short sale is softer on your credit score than a foreclosure is. You can sell the house, get some emotional relief, and move on to preparing to buy another home, with little hit on the Fico. Keep in mind that the longer the lender takes to approve the short sale and the offer from a buyer, the more months you’ll be late on your mortgage payments, which do affect the FICO score.

The seller doesn’t have to pay sales commission to the real estate agents; the lender pays them.

Because the lender has to approve both the seller’s application for a St. George short sale and also the offers by potential buyers, the sale can take months, usually about 120 days.

The number of prospective buyers of short sales is smaller than for typical real estate because of the waiting time. Some buyers simply don’t have months to wait in purchasing a house, so you have less competition when making offers on St. George short sales.

When making an offer on a short sale, be aware that because of the likely financial duress of the seller, he may not have been able to maintain the property very well, so it will likely need repairs and fix-ups.

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What The Beatles Should Know About St. George Short Sales

Article By: Clear Content Marketing

What Is The Closing Process?

Once you’ve chosen a home, negotiated a deal, and obtained a mortgage, the final step is to close on the home (sometimes referred to as settlement or escrow). Essentially, the St George closing process involves a meeting attended by a member of each participating party for the purpose of finalizing the transaction. Here’s how it will typically go:

Preparation

By the time you’re ready to begin the St George closing process, you will have received a document called the closing disclosure form (at least three days prior to your closing date). Review the closing disclosure thoroughly, as it spells out in detail the term and interest rate of your loan, your mortgage payments, any other fees associated with the closing process referred to simply as closing costs (if you’re selling your property or buying using cash, you will receive an ALTA settlement statement for review). In the St George closing process, you can expect closing costs to be somewhere between 2%-7% of the home’s price. If you have questions or spot discrepancies, be sure to communicate them to your lender in addition to comparing the information in the ALTA to the estimate your lender originally gave you. Also, be sure to complete a final walkthrough of the home the day before closing to make sure that the home’s previous occupants have vacated as well as reverifying that the condition of the home is as contractually agreed upon. Any issues that may have arisen as a result of the previously completed inspection should have been completed by this point. There is nothing wrong with delaying the closing date if necessary. All matters should be resolved before going forward with the St George closing process.

Bringing Necessary Items

There are certain documents that must be present at the closing. You will need to bring a photo ID and your title company will have all your closing documents prepared for you. Note: for those who have just recently been married, your name as shown on your new mortgage and title must be the same as the ID that you bring to the St George closing process. You’ll also need to be prepared to wire transfer your down payment. Also, bring your personal checkbook because smaller fees can sometimes be taken care of at that time with a personal check.

Expectations

When it’s time to hold the meeting, the title company will have already performed a title search wherein they examine public property records for any potential liens or other issues associated with the property. Such issues are rare, but they do crop up every so often. So who exactly will be present at the meeting that finalizes the St George closing process? You can expect most of the following people to be in attendance: a bank representative, a title company representative, the buyer’s real estate agent, and the buyer. The seller’s real estate agent and the seller will have had a similar but separate meeting. Because so many people are involved in the St George closing process, it’s better to just plan on someone being late or forgetting an important document or spelling a name wrong. A wise practice is to not schedule anything within a few hours after the meeting is scheduled to over, just in case. And remember that at this meeting you will be signing your name a lot.

After the St George closing process is complete, the buyer is officially and legally a homeowner! You’ll walk out of there holding a big stack of paperwork and new keys. Exciting!


What Is The Closing Process?

St George Closing Process

Article by Clear Content Marketing

6 Home Buying Tips For The Current Market

Have realistic expectations about finding hidden gems

In most areas, all of the properties that are currently for sale have been canvased and crawled before you found out about them, particularly in the rising St George home market. Make sure that your expectations are realistic. If you keep looking and looking for that one amazing bargain while overlooking ideal options in the process, chances are you will find yourself exhausted, discouraged, and frustrated. Focusing on hidden gems is usually a time waster.

Be The First to Make an Offer

The St George home market is booming and you want to do your best to always be ready to pounce with an offer on a new listing that you find appealing. Affordable houses are often hard to come by because they get taken so quickly. If you want to get a head of the competition and give yourself an advantage, visit property listing sites online and sign up for alerts. You customize your own criteria so you’ll know the moment and ideal home becomes available. Another thing you can do is get yourself a realtor who is proactive, knows the St George home market, and will help you make first offers. Try and find one who is part of a good firm because they often get preferential treatment from fellow realtors who also work in similar renown firms.

Don’t Count Out Multi-Family Homes

There is a very good reason why exploring multi-family homes is a really good option, even if it’s not what you were originally looking for, particularly for first-time home owners. When you own a multi- family home, it is often as affordable as renting. Purchasing a home with multiple units allows you to live in one and rent out the others, driving down your personal mortgage cost as you’ll have money being provided by tenants.

Pay Attention During The Off-Peak Seasons

Buyer’s markets begin to emerge during the winter months as the market slows down. This means that, generally, sellers in the St George home market tend to be more open to negotiation during this time. Being active as a buyer during off-peak seasons also helps you to bypass the hectic spring St George home market which is usually accompanied by stress as well as aggressive bidding wars.

Look Off The Beaten Path

Be sure to consider homes for sale in nearby cities and not only major metropolitan areas. Searching in non-brand name towns (as they are sometimes called) almost always have lower housing costs. This is due to the fact that these areas have a much lower public profile and don’t get as much real estate attention as the bigger areas in the St George home market. If you’re looking for a the best deal you can find, you’re more likely to find it in these areas.

Being Aggressive is a Must

Being aggressive means that you are alert at all times, that your dedication to finding the right property for you in the St George home market is resulting in first offers. Setting up alerts and notifications as mentioned above is part of being aggressive, as is talking with people often, discovering and digging for information. Ask everyone you know if they are aware of properties for sale. Facebook and other social media sites have real estate-related groups you can join. Do everything you can and don’t give up. Even if you feel like you don’t have a large enough income to become a homeowner, it can still happen with proper patience and time. Check your credit and get pre-approved for a loan and start searching.

And, as usual, contact a representative from Eagle Gate Title for answers to questions about the St George home market and we’ll help you in any way that we can.

6 Home Buying Tips For The Current Market

St. George Home Market

Article By: Clear Content Marketing

 

An Explanation of Earnest Money

The process of buying a home in the St. George area has many elements to consider and an earnest money deposit is an important one.

What Is Earnest Money?

Earnest money is a deposit that a potential St. George buyer presents to a seller as an expression of commitment to the purchase of a property. An earnest money deposit also goes toward the buyer’s eventual down payment. This is a critical aspect of the Southern Utah home buying process because without it, people could make many offers on many homes simultaneously which would effectively take each property off the market until the time when the buyer makes a choice on one of them. There are very few scenarios in the St. George, UT area where a seller will accept an offer of any kind without a deposit. When a seller finally accepts the buyer’s offer (made in conjunction with an earnest money deposit), that deposit money immediately goes toward the down payment and closing costs.

How Much Should An Earnest Money Deposit Be?

That depends. There a handful of factors that will determine the appropriate amount such as particular requirements from the seller, the St George real estate market, and state limitations/policies. In most cases, one to two percent of the home’s purchase price is used as an earnest money deposit. As previously mentioned, the real estate market in the area where the home resides can have an impact on earnest money, potentially swinging the deposit amount up or down. For example, you may only have to give one percent (or even less) in areas where buyers are scarce. And of course the opposite is true in high-demand areas. Additionally, it goes without saying that a buyer who presents a larger earnest money deposit typically has a greater chance of winning the bid. Bigger deposits often result in sellers lowering the purchase price of the home, as well.

Know that when buyers present large deposits on a Southern Utah home they truly want, a verification process initiated by the bank will likely take place to make sure that the source of the funds is legitimate, particularly if the funds have been in the buyers possession for less than 60 days.

At What Point Does The Earnest Money Need To Be Paid And Who Manages It?

Typically, in St. George, the earnest money deposit is received by the title company and held in escrow once an offer has been accepted and the purchase agreement has been signed (real estate agents may also hold it at their brokerage). It will be held there until the concluding stages of the sale at which point they will be discharged from escrow and become part of the down payment. Depending on the state, management of the deposit may be handled by the real estate broker. Do not give the deposit directly to the seller, ever. In a situation where something goes wrong, that money could potentially be difficult or impossible to get back from them. It’s always a good idea for the buyer to perform their own verification process by checking the credentials of the St. George broker or firm who is set to manage the earnest money deposit.

Conclusion

For further information about earnest money deposits as well as answers to any other questions you have, please do not hesitate to give us a call. We would be honored to help you in any way that we can, whether it be about this particular topic or any other relating to the purchase of your future home. Eagle Gate Title is Southern Utah’s most trusted title company.


An Explanation of Earnest Money

Earnest Money

Article by Clear Content Marketing

10 Best Kept Secrets for Buying a Home – Part 1

Every St George home buyer needs to remember these 10 things before purchasing a house.

Don’t Move Your Money

There’s no need to take risks as a St George home buyer with your credit profile by prematurely moving your money around and making an enormous purchase. In order to get you the best loan they can, lenders want to see a thorough paper trail that shows you’re reliable. You’ll make it difficult to get a loan if you make a lot of giant purchases, accumulate loads of debt, and open new credit cards.

Home Loan Pre-Approval is Important

A St George home buyer would be smart to remember that a pre-approved mortgage is not the same thing as being pre-qualified. Pre-qualified loans are not exclusive and are available to virtually anyone. Being pre-approved, however, is much more substantial because it means that your financial information has been examined and assessed and that you know exactly how much they’re willing to lend you. The last thing you want is to waste time viewing homes you can’t afford. A St George home buyer who is pre-approved will avoid that in addition to having assistance in getting the best possible interest rate and overall deal. Be sure to learn about points, processing and junk fees, and any potential hidden costs associated with the loan.

Border Disputes Are No Fun

You must have a survey completed on the property you’re considering so that you are fully aware of property lines. A neighborly dispute over property lines is not a situation a St George home buyer ever wants to ever be in. Another reason why having a survey done is important is because the amount you will eventually pay on property tax once you’re the owner will depend the exact amount of property you have.

You Can’t Time The Market

Friends and family may instruct you on when they think you should buy according to their knowledge of the market. The sooner you accept the fact that you cannot anticipate the housing market, the better. All a St George home buyer needs to know is that if you find a home you can afford and you absolutely love it, than it’s time to buy. The real estate market is too unpredictable to be spending precious time trying to outsmart it. Just look for the home you truly want and when you find it (and it’s within your budget), don’t let what others are saying about the market prevent you from purchasing it.

Bigger Doesn’t Always Mean Better

You may covet the nicest, biggest home on the street. But that doesn’t necessarily mean that it is “better” than the other homes. One fact to remember is that those who own the nicest, biggest home on the street have a very small demographic to sell to when it comes time. Remember that the value of your house goes up only in accordance with the surrounding houses. For example, if your neighbors are paying $300,000 to $350,000 for their homes but you pay over $500,000, the potential for appreciation is extremely limited. If a St George home buyer purchases the worst home on the street, they will likely be able to trade their home for a higher amount per square foot than the big, nice one.

Stay Away From Sleeper Costs

One of the big differences between owning a home and renting one involves sleeper costs. You will be a wise St George home buyer if you remember the reality of additional home owning expenses such as HOA dues, utilities, and property taxes. Many people only think about the mortgage payment when buying a home but fail to consider the likelihood of property tax increases, maintenance, repairs, and the other expenses the come with being a St George home buyer.

This article will continue with the St George home buyer article 10 Best Kept Secrets for Buying a Home – Part 2.

10 Best Kept Secrets for Buying a Home – Part 1

St. George Home Buyer

Article By: Clear Content Marketing

 

What Are CC&Rs?

CC&R stands for Declaration of Covenants, Conditions, and Restrictions. It is a list of mandatory requirements that apply to all who live inside the boundaries of a particular homeowner’s association (HOA). HOAs typically exist in covenanted and planned communities. Essentially, St George CC&Rs are lists of neighborhood rules. If you buy a home in a community like this, it is more than likely that CC&Rs will apply. Some of you may already live in such a community and are familiar with the types of statutes that St George CC&Rs tend to contain. Not only do they lay out general neighborhood rules, but they also describe the limitations of property ownership such as what you can and cannot do with your home and property.

The idea behind a CC&R is the prioritization of community property values. They act as a special effort to preserve and protect these values by creating a level of uniformity among homeowners. For the most part, requirements found in St George CC&Rs are sensible and logical and require very little effort to conform. Things that most homeowners do regularly anyway, such as weekly lawn-mowing and weed-pulling, are common examples. Some St George CC&Rs, on the other hand, contain rules that seem completely unreasonable and unnecessary. Examples can include being required to park your car in the garage even though you have a perfectly acceptable and functioning driveway, or being not being allowed to construct a fence around your property, or being limited to only certain sizes and/or breeds of dogs. Many St George CC&Rs even have restrictions on certain paint colors when it comes to painting your own home and other similar constraints. Basically, homeowners who live in communities with active CC&Rs need to always be in the habit of checking them to assure compliance even in the most seemingly ordinary activities such as gardening and remodeling.

Penalties for Non-Compliance

When you close on your home, you will sign a lot of paperwork. One of the documents that will require your signature is one stating that you agree to comply with the CC&Rs that your HOA has set forth (if applicable). Violating the covenants, conditions, and restrictions of your HOA will most certainly result in one of many potential consequences which can include a lawsuit against you, forced compliance, privilege suspension (pool, gym, etc), fines, and any other possible repercussion that your HOA has specified. To give an example, we’ve found that common CC&Rs that defiant homeowners often try to skirt are the ones relating to pets. If your HOA restricts pets to 30 pounds or less and you attempt to hide your Great Dane (somehow) and are subsequently found out, it is likely that the HOA will fine you and/or require you to get rid of Duke, or otherwise move out of the community.

Just make sure that before buying a home in a community with an HOA and St George CC&Rs that you’ve read them all. There very well could be something on that list that prevents you from moving in. Contrarily, there might be a CC&R that is so personally attractive that it persuades you to move there.

Assessments and Dues

St George CC&Rs are almost always associated with monthly or annual dues. Covenanted communities require all residing homeowners to pay these fees on a regular basis. The dollar amount varies between communities, as do non-payment penalties and other assessments that the HOA deems applicable. In situations of non-payment, homeowner’s associations can legally get a lien on your home and threaten foreclosure if the St George CC&Rs articulate such an outcome. Anyone who finds themselves in such a situation has the option to contact a lawyer if they feel HOAs are being unreasonable, hypocritical, or unnecessarily harsh.


What Are CC&Rs?

St George CC&Rs

Article by Clear Content Marketing

10 Best Kept Secrets for Buying a Home – Part 2

This article is a continuation of the Saint George home buyer article 10 Best Kept Secrets for Buying a Home – Part 1.

Let Instinct Influence Your Purchase – Not Emotion

You’re in for heartache if you let emotion be the driving factor to purchasing a home. As a Saint George home buyer, remember that “falling in love with a home” and simply going with it on those grounds alone often has consequences, mostly financial ones. Letting emotions choose your home for you typically ignores instinct and hinders your ability to understand value when it’s presented to you. A Saint George home buyer is an investor. That’s what a home purchase is, so be wise.

Homes Need Physical Examinations

You’d never purchase a used vehicle whiteout taking a look underneath the hood. Use the same mindset when you hit the housing market. Hire a home inspector and gain valuable information about the property. The average cost is around $200 for this service but can result in thousands of dollars of savings. It’s a fantastic way to obtain an opinion from a third party who is unbiased. If issues are found by the inspector, you then have some leverage for getting a lower price. How many stories have you heard of a Saint George home buyer purchasing a home they thought was in great shape but later learned that wasn’t the case? Avoid that with a home inspector.

Understand How to Bid

When a Saint George home buyer places an initial bid on a property, there should be two things and two things only that influence the amount: your realistic opinion on what the property is worth and what you can afford. You don’t want to insult the seller by making an outrageously low bid, but at the same time you need to make sure you are getting a fair price. Low first-time bids tend to be commonplace in general, but this shouldn’t be considered a wise practice in every scenario. Calculating an approximate average price per square foot is a good idea and will help you understand what the market is doing in a particular area. If you can find out near-future intentions of neighbors, this will also provide a benefit to you as a Saint George home buyer. Such knowledge can often predict future decreases in property value. If you find out that a particular seller is behind on their property taxes, this is a wonderful negotiating tool. This information can be acquired by visiting the local county clerk’s office. Gathering all of these information tools puts you at an advantage as a Saint George home buyer because the seller will see that you’ve given their property careful thought which will make you stand out.

Canvas the Neighborhood

Don’t be creepy, but get to know the area. Visit the neighborhood and particular streets with homes of interest to you. Go often. Go during different times of the day and evening. A Saint George home buyer can find out a lot about a neighborhood pretty quickly by doing this. You may discover that the area is in fact not a place you see yourself living despite a home of interested being located there. In addition to getting a feel for the location, be sure to find out distances from the property in question to places you will frequently go like work, the supermarket, gas stations, schools, event centers, etc. Another thing to not overlook is the school district. Even if you don’t have kids, this is important information to know. A notoriously good or bad school district influences the housing market in a surprisingly substantial way. Be a studious Saint George home buyer to increase the quality fo your opportunities.

10 Best Kept Secrets for Buying a Home – Part 2

Saint George Home Buyer

Article By: Clear Content Marketing

 

How Do I Transfer Title From A Personal Name To An LLC?

Forming a limited liability company, or LLC, and then having a property title transferred to it from the owner is a common course of action taken by real estate investors and rental owners. This is because if a lawsuit is filed against the person who owns the property (if someone is injured on the property, for example), that person’s liability is limited as a result of the St George title transfer. Furthermore, it is a good idea to establish a series of LLCs if you are someone who owns numerous rental properties in Washington County or beyond. This allows each one to be insulated from liability claims that may have to do with other properties. Here’s what happen in order to complete a St George title transfer.

If You Haven’t Already Formed An LLC, Do So

This can be done in person or online. Correspond with whatever agency in your state handles business filings to create an LLC. This is a relatively simple task to complete and is a lot less involved than you might think if you have never formed an LLC before.

Get A Tax ID Number And Open An LLC Bank Account

Go to the IRS’s official website and fill out the appropriate form to get a Tax ID Number. You may need a EIN (Employer Identification Number), also called a Federal Tax ID Number if your LLC has employees or multiple owners. This number will allow you to open a bank account using the name of your LLC. You need to do this because the finances associated with your LLC need to be separate from your personal finances for obvious reasons but also because it is necessary to avoid losing your LLC’s liability protection.

Get The Necessary Form For A Deed

Depending on the state, deed requirements can vary but in most cases you will go to the recorder’s office of your county to get a deed form. Your warranty deed will be necessary in order to complete the St George title transfer. If for some reason you are having issues acquiring this form, let us know at Eagle Gate Title and we’ll help you.

Fill Out The Warranty Deed, Sign It, and Record It

In some states, you are required to go to the county offices to obtain the warranty deed. However, when dealing with a St George title transfer at Eagle Gate Title, we can do this for you. We’ll make sure it gets signed and recorded properly so you don’t have to add that to the list of things you need to do. Remember that when reviewing the warranty deed on your own, the LLC is the grantee and you are the grantor.

Have Your Lease Changed

To complete a St George title transfer, all leases need to show that the LLC is now the tenant’s landlord. Rent payments need to go into the LLC bank account that you created.

Conclusion

Fundamentally, the main reason property owners make St George title transfers  is to decrease personal liability in the event of a claim that is property-related. Remember that if you make a St George title transfer, you also need to get liability insurance through a licensed insurance agent so that other claims are also covered. And remember that Eagle Gate Title can help you accomplish every one of these St George title transfer steps, if you wish. We can help navigate any possible hiccups during the process, answer any questions that come up, and provide advice whenever and wherever needed. Transferring a title from a personal name to an LLC shouldn’t be a too much of a headache at all.



  

How Do I Transfer A Title From A Personal Name To An LLC?

St George Title Transfer

Article by Clear Content Marketing 

Understanding Property Deeds

St George property deeds are legal instruments that transfer some property right in real estate. A deed contains three distinct pieces of information: a signature from the individual who is transferring property, the names of all parties involved, and a description of the property being transferred.

Deed Types

There are different types of St George property deeds, all of which are used in specific ways in certain circumstances. These include warranty deeds, grant deeds, and quitclaim deeds. Warranty deeds supply further promises in addition to transferring ownership (including the promise of a title with no liens). The party who transferred property is responsible for compensating the buyer if promises are unable to be kept for any reason. Grant deeds, in addition to transferring ownership, assure the buyer that the property being sold has not been handed over to another person. Quitclaim deeds transfers property ownership rights from the transferring party to someone else. This is the deed type most often used when ownership rights aren’t clear.

Joint Ownership

Even after describing the three main types of St George property deeds, one particular questions still comes up often. How does one purchase property jointly with another person?

Joint ownership of property can be accomplished in one of three ways. The way that one chooses to go about this is very important. The three ways are tenants in common, joint tenants, and tenants by the entirety. Tenants in common allows the parties involved to obtain unequal shares if they desire. It also makes clear the person(s) to which one’s share will fall to upon death of an ownership holder. Joint tenants is the option chosen when both parties desire equal shares of ownership. If one of the ownership holders passes away, their shares fall to the co-owner. The property right in the person’s will does not need to be disposed of under a joint tenant situation. Tenants by the entirety (sometimes called community property) involves spousal property in that both people have full ownership of the entire property and neither can transfer any ownership rights anywhere whatsoever without the other’s consent.

Property Deed Requirements

St George property deeds need to be witnessed, filed, and notarized. Step one is the transferring party visiting a notary so that the signature can be witnessed. Step two is then visiting local county recorder where the land records department is and recording the deed with them so it’s officially filed. The transferring party will keep the original deed and the office will retain a copy.

What Are Trust Deeds and Contracts For Deeds?

There are two more types of St George property deeds that we haven’t mentioned yet – trust deeds and a contract for deed – because they don’t actually transfer property, but it is still important to know about them.

A deed of trust (also called a trust deed) is a mortgage that transfers a property title to another person (the trustee) who holds the land as security for the loan. The title is returned to the borrower after the loan is paid off. A contract for deed is an actual contract that awards a party the property title only until the loans are paid off by the other party, at which point the original borrower receives the title back.

Additional Information

If you have more questions about property deeds, contact Eagle Gate Title and will provide you with all the information you’re looking for. Remember that the purchase of land and property usually represents the largest financial investment that a person will ever make. This shouldn’t be taken lightly. Be sure your are careful and meticulous about making certain that everything is in order when it comes to Saint George property deeds.

Understanding Property Deeds

St George Property Deeds

Article By: Clear Content Marketing

 

What Happens If My Spouse Passes Away And They Are On The Title?

The death of a spouse is an event that often requires the surviving member of the relationship a lot of business to take care of, unfortunately, on top of the grief from losing a loved one. Though one finding oneself in this situation is comparatively common, that certainly does not mean that it is easy. At Eagle Gate Title, we have extensive experience helping Southern Utah folks in this scenario. We know that dealing with a St George title is likely the last thing that anyone wants to be doing in the midst of a tragedy so we want to do everything we can to help and relieve however many burdens as possible. Here is some important information to understand if you or someone you know has a recently deceased spouse on a St George title.

Rights of Survivorship

There are different ways that a married couple can own property together. One of those ways is as joint tenants with rights of survivorship. This means that in the event of death, the St George title belongs to the living spouse. They become the sole owner. Without rights of survivorship in place, the property rights are divided in half; half to the estate of the deceased and half to the living spouse. In this scenario, hopefully there is a will and testament in place for the deceased that has been probated, otherwise the living spouse may not be able to obtain the St George title immediately or (in some cases) state law will determine the outcome.

Life Estate

Some married couples have joint title ownership in the following way: one spouse has a life estate in the property and the other has fee simple interest in it, meaning that that spouse owns the St George title outright. To further explain, perhaps one member of the relationship has kept a life estate for themselves and deeded to their spouse their property interest, or maybe their spouse has deeded a life estate interest to them for property that they previously owned. Whichever it may be in any given circumstance, a person who owns a life estate in the property of their deceased spouse, they only have the right to live there (or posses it) until their own death.

In a situation where the husband passes away and the wife owns the life estate, the children may have the St George title passed to them but would require a court action to terminate their mother’s ownership. In most cases, a widow cannot mortgage/lease the property or otherwise sell any rights whatsoever unless the life estate that she holds is what is called an enhanced life estate. Even if that is the case, she must live in a state where that is recognized. If the widow desires full selling power until the time of her death, an enhanced life estate is required.

Estate

The St George title goes through the wife’s estate if she passes away before her spouse and survivorship provisions have not been included in their deed. It doesn’t matter if there is a will or not, the estate can be administered in probate court or simply probated. If beneficiaries have been named in the deceased wife’s will, her property will pass to them. If there is no will, the heirs of the deceased will have the St George title passed to them. The deceased’s living husband is legally an heir in this scenario, but the laws of the state where the property is located will ultimately determine the amount of property he is granted. In the event where there are no survivorship provisions in the deed, it is possible that the surviving husband could become joint owners with his wife’s siblings, parents, or children from a previous marriage.

Disclaimer of Interest

In the event that the husband does not wish to acquire the St George title or any shares of property of his late wife even though survivorship provisions are contained in the deed, he can file a disclaimer of interest. When this is done, the existing survivorship provisions are cancelled and the shares that were granted to him are transferred into the estate.


What Happens If My Spouse Passes Away And They Are On The Title?

St George Title

Article by Clear Content Marketing

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