Real Estate Corner: What's on YOUR title?

A lot of people don't understand what it means to hold title to their home (and how important details can be). How names are spelled, are both you and your spouse on the deed, who's on the loan, etc. I've had several recent conversations with people about different deeds formats. Here's the scoop-a Warranty Deed means that the person who sold you the property more or less "warrants" that you have a clean title (if not-that's why you have owner's title as well and it gives you a cause of action against them). Most builders use a Limited Warranty Deed, which cuts off their liability as of the date THEY received it. People ask about Quit-claim deeds all the time-that is a deed that gives 'whatever they own'. I can give you a Quit-claim to the Brooklyn Bridge-but I just gave you what I own-NOTHING! (If I ever became the owner of that Bridge, then yes, you'd own it). Think twice about signing ANY deed of ownership (any/all of the above) unless you are actually selling your home OR correcting an error. If you put someone ON title you may have difficulty getting them OFF title. The common story would be an engaged couple buying a house and their relationship goes sour-what if it wasn't an equitable purchase (she paid in more, etc.). If he wants 'something' to sign a deed ($$$!) she may have to pay him. Not fair? Sure, but she can't 'force' him to sign over his interest. Married? You should both be on title, but don't have to be on a loan. Lots of details here, call me w/Q's!