What's the Process to Change the Deed... (tenants, mortgage, mortgage)

[Quaker15]

......from sole ownership to joint tenancy? Approximately how much would it cost to get it done?

[jackmichigan]

You don't "change the Deed", per se. When title to a property is transferred to another party or parties, the owner executes a new Deed conveying his/her ownership interest to the new parties. (A Deed is merely an instrument of conveyance.) A Grantor can grant the property to themselves and other parties. It shouldn't cost that much for an attorney to draft a Deed to suit your purposes. Recording expenses should also be relatively minor, however, transfer taxes may be an issue in some states. (In Michigan, if the consideration is $100 or less, there are no transfer taxes.)

There may be other legal/tax issues to consider if you are gifting property.

[NY Annie]

Are you sure it's a joint tenancy you need or would you better be served by a tenants by the entirety deed? What about tenants in common? Do you know the differences and understand the ramifications of each, assuming your state has TE as an option.

How will this change affect your mortgage and do you plan to purchase title insurance in the new owners' names? Will your mortgage holder require a new policy or a new mortgage?

And don't forget to change the names on your insurance policy.


With the limited amount of information provided by you, I suggest you seek the advice of a real estate attorney.