Legal Question in Wills and Trusts in Texas
Hello, I am married and we are refinancing our mortgage using only my wife's income. To close on the refi loan, the lender insists on vesting me off the title and has asked I signed this warranty deed at closing. After the loan funds, is there a way to have mu name put back on the warranty deed?
Here is the doc:
I am the grantor
My wife is the grantee
Property location
All of my undivided interest in and to (property location in travis county)
Reservations from and Exceptions to Conveyance and Warranty:
This conveyance is executed, delivered, and accepted subject to AD Valorem taxes for the current year, rollback taxes due to this conveyance or grantees use of the subject property, maintenance fund liens, zoning ordinances, utility easements created by the dedication deed or plat of the subdivision in which said real property is located, recorded easements, mineral reservations and leases, restrictions, covenants, conditions, rights of any easements, if any, affecting the herein described property but only to the extent the same are valid and subsisting.
Grantor, for the consideration and subject to the reservations from and exceptions to conveyance and warranty, grants, sells, and conveys to Grantee the property, together with all and singular the rights and appurtenance thereto in any wise belonging to have and hold it to Grantee, Grantee's heirs, excecutors, administrators, successors, or assigns forever, Grantor binds Grantor and Grantor's heirs, executors, administrators, successors to warrant and forever defend all and singular the property to Grantee and Grantee's heirs, executors, administrators, successors, and ssigns against every person whomsever lawfully cliaming or to claim the same or any part thereof, except as to the Reservations from conveyance and the Exceptions to conveyance and Warranty.
2 Answers from Attorneys
Yes, you can add your name later. However, you need to read your mortgage documents. Almost all of them have a "due on sale" clause which means if you transfer an ownership interest, the bank has the option to call the entire amount of the loan due. Most banks will allow you to transfer a 1/2 interest to a spouse, but the permission from the bank has to be IN WRITING. After you close, ask for the bank's permission, get it in writing, and then you can draft a new deed to have the house in both spouse's names. Don't do it yourself. Most law offices or title companies will do this for you for a few hundred dollars.
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