fees associated to title changes

[robismyname]

What is the name of your state (only U.S. law)? Florida

Im looking to add my mother onto the title of my home in Orlando, FL.

I spoke with an real estate attorney in the are and they told me that they would charge $500 flate fee to do the title work. Not cheap but not expensive either. I was expecting it to be around $250 but moving on.

The thing that shocked me was that I was told by the law firm that I have to pay recording costs/Doc Stamps: $990 which is based on the balance of my mortgage being $280K and this fee is paid directly to Orange County, Florida but I am suppose to right the check to the law firm for $500 + $990.

This is my first house and not familiar with alot of the actions associated with title changes.

My question is does this seem reasonable, correct that I have to pay $990 for recording cost/doc stamps in the amount of $990?

Just sounds like alot of money for such a simple (by my definition) title change.

Please advise

 

[tranquility]

Beyond the costs, why do you want to add mom to title?

 

[robismyname]

Beyond the costs, why do you want to add mom to title?

I am trying to refinance. I bought in 2009. My curent rate is 5.5%. I tried to refinance and the banks wont let because of my credit score. They make every excuse in the book. I heard that my students loans are too much, I heard my score is not over 700. I heard my credit ratios are too high, etc. you name it.

Its a FHA loan so I have mortgage insurance I pay although I bought the house as a foreclosure and the market value by appraisla is 200K more than what I owe on it. And the most annoying is the escrow component for the property taxes and insurance.

The bank said I had a wife or someone that was on the title with good credit I can have them refinance the house in their name. I dont have a wife. But my mom would be willing to do this for me because she knows I am responsible and wont mess her credit up. Also if the rate is 3% she would be able to carry the mortgage if something happened to me or she could just sell it for a nice profit.

I mean its not the most practical way to do this but its the only option I have for the moment. I fear if I wait that the rates will go up and I miss out on an opportunity.

 

[latigo]

I am trying to refinance. I bought in 2009. My curent rate is 5.5%. I tried to refinance and the banks wont let because of my credit score. They make every excuse in the book. I heard that my students loans are too much, I heard my score is not over 700. I heard my credit ratios are too high, etc. you name it.

Its a FHA loan so I have mortgage insurance I pay although I bought the house as a foreclosure and the market value by appraisla is 200K more than what I owe on it. And the most annoying is the escrow component for the property taxes and insurance.

The bank said I had a wife or someone that was on the title with good credit I can have them refinance the house in their name. I dont have a wife. But my mom would be willing to do this for me because she knows I am responsible and wont mess her credit up. Also if the rate is 3% she would be able to carry the mortgage if something happened to me or she could just sell it for a nice profit.

I mean its not the most practical way to do this but its the only option I have for the moment. I fear if I wait that the rates will go up and I miss out on an opportunity.

Your mother needs to speak privately with her lawyer and more sensible family members!! And I'm guessing that you won't encourage it.

 

[tranquility]

I agree with latigo. It is beyond stupid for a person to take a mortgage out alone in a property that is co-owned. Their whole life is tied up to the whims of the co-owner. Besides, it is arguable as to if you would get a tax deduction if you are not responsible for the loan. (While I think you would be, it is arguable--depending on the facts.)

 

[robismyname]

Beyond the costs, why do you want to add mom to title?

I just picked up what I think you were trying to say in your reply.

Its not the cost that of the house that is the problem. I can pay for the house myself. I have been paying for the house myself. And continue to do so with a 5.5% interest rate.

 

[tranquility]

I just picked up what I think you were trying to say in your reply.

Its not the cost that of the house that is the problem. I can pay for the house myself. I have been paying for the house myself. And continue to do so with a 5.5% interest rate.

Not quite. My purpose for asking is that I could not see the benefit to adding your mom to title above the risks to the parties involved. The only reason I could come up with was that mom was paying and could not deduct the mortgage on her taxes and I was making sure that was not the case before I told you not to do it.

 

[robismyname]

Your mother needs to speak privately with her lawyer and more sensible family members!! And I'm guessing that you won't encourage it.

Latigo, You are a Moron! How dare you try to prejude me in this situation. Trying to make it seem like Im taking advantage of my Mother.

She offered to do this for me. I didnt ask her to do it. And for reasons not thought of here I am against it because I like the fact that I own a house. Even with a 5.5% rate that is not bad. When you have a son who has proven to be responsible and trustworthy you are willing to help. I would do it for my child. So dont act like parents dont help their children buy houses, open businesses, buy cars, go to college, etc.

I love how I never got my question answered about the fee of the title. Just some feedback about everything else that is not about anything.

 

[tranquility]

Latigo, You are a Moron! How dare you try to prejude me in this situation. Trying to make it seem like Im taking advantage of my Mother.

She offered to do this for me. I didnt ask her to do it. And for reasons not thought of here I am against it because I like the fact that I own a house. Even with a 5.5% rate that is not bad. When you have a son who has proven to be responsible and trustworthy you are willing to help. I would do it for my child. So dont act like parents dont help their children buy houses, open businesses, buy cars, go to college, etc.

I love how I never got my question answered about the fee of the title. Just some feedback about everything else that is not about anything.

He's not judging you so much as saying it is a legally bad idea for mom to do it. Even if she loves you very much.

 

[Kevin.ram]

Call the county clerk to inquire about and verify the amount of the filing fees. They probably have it posted online. As far as attorney fees, check with different firms.

 

[FlyingRon]

You do understand that "being on the title" isn't like granting membership in some club. You're giving her half the house and she will not be constrained by you in what she wants to do with her half.

 

[HomeGuru]

I thought membership had it's privledges? Oh, yeah that's for a credit card not a club.