Adding name to deed

[VinnyT]

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

Long story short, I recently aquired a home with my fiance. It is a for sale by owner in which I know the owners well. My credit is not great and getting homeowners insurance has proved to be quite a battle. My fiance's credit is good but I cannot have her get insurance on the home unless her name is on the deed. Do I just need an attorney to draw up a new deed with her name on it?

Thanks!
V

 

[justalayman]

I have to say:

co-owning a home without being married is a really really bad idea.

with that said; to have both you and her in title, you would have to grant your interest to you and her. If there is a mortgage on the home, the mortgage holder may invoke a due on sale clause, if there is one or at least require your fiance to sign the mortgage (not necessarily the mortgage loan but the actual mortgage)

A lawyer could do that but there are other entities that can create a deed as well. If there is no need for a lawyer, I typically have a local title office create the deed and make sure it is recorded as needed. They generally have notaries right there so it just makes things easy.

 

[VinnyT]

Thanks.

So for an insurer to recognize her as a policyholder, does her name need to be on the deed or title?

 

[justalayman]

the deed is a mechanism used to convey title.

If you deed your interest to her, she is then in title. Title, in real estate, is an intangible item. There is no "title" like there is with a car. When title is researched, you receive an opinion or abstract of title.