What does being on the deed of a house mean?
What does being on the deed of a house mean?
Generally, your name is on the deed to the home, then you you own an interest in it. The bank cannot foreclose since you did not transfer your interest to the bank. This means that you still own your share of the home. The lender would only have the interest of the person who signed the mortgage (your spouse).
Is a deed legally binding?
In NSW, for a deed to be enforceable, it must be in writing. The deed must also be signed, sealed and delivered to the counterparty for it to be binding. You will also need a witness who is not a party to the deed.
What makes a deed enforceable?
In order for a deed to be valid and legally enforceable, the deed must meet the following requirements: Must be in writing and convey title to real property. There must be a legal description of the property. The deed should be recorded for legal notice purposes to establish priority and the sequence of ownership.
Who can be witness for mortgage deed?
Who can witness this? The witness needs to be 18 or over, not a relative, not party to this mortgage and doesn’t live in the property. Dependent on who your new lender is, a mortgage advisor may not be an acceptable witness.
Can a friend witness a mortgage deed signature?
Who can be a witness to the signatory of a deed? A witness should not be the signatory’s spouse or partner or a family member, and should not have a personal interest in the provisions of the document. Case law has confirmed that a party to the document cannot act as a witness to another party’s signature.
Can my boyfriend witness my signature?
Who can act as a witness to a signature? A party to a deed cannot be a witness to another signature to that deed. Legislation does not prohibit a signatory’s spouse, co-habitee or civil partner from acting as a witness and it is also generally acceptable for an employee of a party to witness that party’s signature.
