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Hey everyone, thanks for joining us today. We are so happy to be joined by Kristi Wry from Orange Coast Title to answer some of the most frequently asked questions we get regarding home titles.
When someone moves a property into a trust, can that affect how the title is held?
Depending on the type of policy the buyer received, if you transfer your property into a living trust, you can nullify your title insurance coverage. However, that's easily prevented by purchasing an endorsement from the title company that issues your policy. The fee is nominal, about $150 depending on the size of the property.
There are 3 types of policies that title companies issue, the most common being the extended homeowner's policy. With this policy, you can transfer your property into a trust and not have to worry about buying an endorsement.
How do you add someone to a title?
Before you ever add someone to your title, you want to consult with a real estate professional like myself. When you add someone onto a title, you are adding anything they have recorded against them to your property, including, but not limited to, judgments, child support liens, and federal and state tax liens. Once you add an individual, there is no going back. Anything that's recorded against them is now your problem too.
Why do you want to have good title insurance when you change title?
For most people, the purchase of a home is the single most expensive investment you will ever make, so why wouldn't you want to protect it? You don't want to lose the power of the policy or give away your coverage. Just like a car, when you transfer the title on a home, you still have to get insurance. Title insurance policies, however, are transferable, but only to direct family members.
We want to thank Kristi for joining us today. If you have any questions for her, she can be reached at (714) 496-3678. If you have any questions for us, you can always give us a call or send us an email. We look forward to hearing from you!
