This form is a Warranty Deed where the grantor is a trust and the grantees are Husband and Wife. Grantor conveys and warrants the described property to the grantees. Grantees can take the property as tenants in common or joint tenants with the right of survivorship. This deed complies with all state statutory laws.
West Virginia Warranty Deed - Trust to Husband and Wife
Category:
State:
West Virginia
Control #:
WV-021-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out West Virginia Warranty Deed - Trust To Husband And Wife?
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FAQ
If there's a deed of trust on a property, the lender can sell the property and pay off the loan. Whether your loan falls under the mortgage or deed of trust definition, you'll need to get approval from the lender before you sell your home for less than you owe.
In California, all property bought during the marriage with income that was earned during the marriage is deemed "community property." The law implies that both spouses own this property equally, regardless of which name is on the title deed.
A deed of trust is a written instrument with three parties: The trustor, who is the borrower and homeowner. The beneficiary, who is the lender. The trustee, who is a third party such as an insurance company or escrow management agency that holds actual title to the property in trust for the beneficiary.
A deed conveys ownership; a deed of trust secures a loan.
Special warranties allow the transfer of property title between seller and buyer. The purchase of title insurance can mitigate the risk of prior claims to the special warranty deed.
A Declaration of Trust (also known as a Deed of Trust) is a legally binding document in which the legal owners of the property declare that they hold the property on trust for the beneficial owners and sets out the shares in which the beneficial interests are held.
In the context of a California mortgage transaction, a trust deed also transfer ownership. Only this time, the title is being placed in the hands of a third-party trustee, who holds the property on behalf of the lender and the homeowner-borrower until the mortgage is paid.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
It's often easier to qualify for a joint mortgage, because both spouses can contribute income and assets to the application. However, if one spouse can qualify for a mortgage based on his own income and credit, the mortgage does not need to be in both spouses' names unless you live in a community property state.