One of the things you may not have considered when purchasing your home is how it will be titled. There are several different ways that you can title your new home. How you title it will affect ownership, how the property can be sold, and how the property is passed down in case of your death. There are several considerations to make when titling your home.
Sole ownership is usually the preferred method of title for someone who is single. You may also be able to title a home as a sole owner if you are married, but your spouse would likely need to file a quit claim deed to declare that they have no interest in the property. Sole ownership properties are the easiest to sell, because you don’t have to worry about another party to the sale. It can be problematic when you pass, however, and the property could wind up in probate. Read more