A home mortgage will have either a fixed or floating interest rate, and a lifespan of anywhere from three to 30 years. The lender who extends the home mortgage retains the title to the property, which it gives to the borrower when the mortgage is paid off.
When you purchase a home via a mortgage loan, as a borrower you are, in fact, a homeowner free to make decisions pertinent to the property (decor, renovations, construction, etc.) ... Simply put, yes, you do own your home but your mortgage lender does have interest in the property based on documents signed at closing.
Non-Owners Can Borrow
Those who agree to be liable for the mortgage repayment without having an ownership interest in the property are guarantors or co-signers. They apply for the loan and sign the mortgage and note, accepting joint liability with the owner-borrower, but they have no other interest in the property.
A mortgage is a temporary transfer of property in order to secure a loan of money. The person who owns the land is the 'mortgagor'. The person lending the money is the 'mortgagee'.
When the property is mortgaged, it's inactive. You can't develop it. You can't charge rent if someone lands on it. You can, however, sell a mortgaged property to another player in the game.
Mortgaged Property means any Property owned by the Borrower or any Guarantor which is subject to the Liens existing and to exist under the terms of the Security Instruments.
The person whose name is on the deed is the legal owner of the property. If you are unmarried but purchased the house with a partner who took out the mortgage, you can't claim the mortgage deduction on your income taxes, even if you contribute to the payment each month.
Another thing to remember when consider is that if you don't have your name on the mortgage or on the deeds of the property then your partner could kick you out of the house and you have no legal rights here. ... If you are an unmarried partner whose name is not on the mortgage then your rights will be very limited.
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
Typically, when you purchase a home, you do own whatever lies in and around the property. However, in some parts of the country, homeowners are realizing the land they paid for does not include the land beneath it. Another party, home builders or home sellers, may own the mineral rights.
The short answer is yes. You can sell your home even if it has a balance on the existing mortgage. ... When you sell your home, you can use your equity to pay off the loan balance and your share of any closing costs associated with the transaction.
While they have to pay taxes on both the house and land, the government does NOT own the property. Under the US Constitution, if the government wants to take the property for it's own use, it must compensate the owner at fair market value.
Your spouse is not entitled to half of the house simply because he or she made payments on the mortgage principle. Your spouse is entitled to a reimbursement for half of the principle pay down during the marriage (i.e. date of marriage to date of separation).
While many people assume surviving spouses automatically inherit everything, this is not the case in California. If your deceased spouse dies with a will, their share of community property and their separate property will be distributed according to the terms of that will, with some exceptions.
Property owned by the deceased husband alone: Any asset that is owned by the husband in his name alone becomes part of his estate. Intestacy: If a deceased husband had no will, then his estate passes by intestacy. ... and also no living parent, does the wife receive her husband's whole estate.
Because you're not married, you'll have no automatic financial rights to the property. So, you can get what's called a 'Cohabitation Agreement' drawn up which will outline each person's share of the property. If you need help with this, contact one of our Family Law Solicitors.
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
In single name cases (as opposed to situations where both owners' names are on the deeds) the starting point is that the 'non-owner' (the party whose name is not on the deeds) has no rights over the property. They must therefore establish what is called in law a “beneficial interest”.
Because the people who are listed on the title have full ownership of the home, they have full rights to sell the property, even if they are not on the mortgage.
A house deed is the legal document that transfers ownership of the property from the seller to the buyer. In short, it's what ensures the house you just bought is legally yours.
The short answer is “yes,” it is possible for a married couple to apply for a mortgage under only one of their names. ... If you're married and you're taking the plunge into the real estate market, here's what you should know about buying a house with only one spouse on the loan.
All the rights and interests over the property that the borrower has pledged as collateral are legalized in the Mortgage Deed. In case of any default or failure to pay the loan amount, the lender can claim his legal rights over the property.
According to section 58(b), in a simple mortgage, the mortgagor assures mortgagee that he shall repay the loan amount and in the event of default, he shall bind himself personally to sell the mortgaged property and thereby repay the loan amount.
If you owned property in addition to the matrimonial home prior to the marriage, you receive the full value of the home, before the date of marriage. ... “Now, you're leaving the marriage and the property has increased to $700,000. The amount that ends up being divisible is only the increase in value — $400,000.
You can only compel your spouse to leave if the home is considered separate property or if you can prove abuse or domestic violence occurred and can obtain a restraining order. If your spouse will not leave and you are uncomfortable continuing to live in the house, then you can choose to leave the home.