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Home buyers direct a series of major decisions when it comes down to finalizing their Dewey Beach property purchase. Among the most important are two with decisive ownership and financial consequences: who will be the primary borrower for the mortgage; and who will be named on the deed?
The answers to these questions are the opposite of the fine print details that few of owners ever need to concern themselves about. These cast defining roles in determining the eventual ownership of the Dewey Beach property and in assigning financial responsibility for loan repayment.
Whose Name Goes On the Loan?
Determining who is to be the primary borrower may not be as simple as you would think. After all, one person might have the excellent credit needed to insure the best interest rate, while the other person currently brings in a higher annual income—providing the cash flow boost that enables a sufficient mortgage. It is often necessary for both members of a couple to sign on the dotted line to get an Dewey Beach property financed. A loan officer will walk buyers through the process, explaining which combination will offer the greatest loan amount at the most favorable terms.
Whose Name Goes on the Deed?
It’s important to keep in mind that the deed is almost completely separate from the loan. Even if only one person signs for the loan, several people can be listed on the deed. Placing a name on the deed shares ownership of the property. That can be helpful in the event of an untimely death or to avoid probate during an estate settlement, but there can also be drawbacks.
Since those named on the deed share in title rights to the property, that can empower them to prevent a sale—and also leave the property vulnerable to their debts. That’s why it’s important to be clear about all outstanding obligations before adding people to a deed, lest a pre-existing debt result in a lien being filed against the property. It's also good to remember that until the loan is paid in full, the bank or lender also has an ownership interest, which is why the bank can take possession for non-payment.
Making the Decision
Making the most of your Dewey Beach property is a continuing planning exercise that begins with these first ownership decisions. For individuals as well as couples, the multiple issues that come into play have financial and tax ramifications that merit careful consideration. Before buttoning up those final decisions, I always advise clients to consult with their accountant and lawyer to get the whole story—it’s a story which begins with your first call to my office!
Remember the good old days, when most people could depend on staying in the same job in the same community for an entire career? Okay; the truth is, I don’t actually remember any time like that—but I do remember watching TV shows about it... The truth is, as with so many other facets of 21st Century life, sudden career upheavals that cause a Dewey Beach citizen to undertake an abrupt relocation are fairly common today. And accelerated timing requirements can make the situation more intense.
Even without that added obstacle, familiarity with the ins and outs of practical relocation is one of the most valuable assets you gain access to when selecting an experienced Dewey Beach Realtor®. Especially when a relocation is in your immediate future (even if it’s a future that became apparent without a lot of warning), the reality of having to deal with the mass of details accompanying both moving out and moving in can seem like a huge gray, angry-looking cloud hanging overhead.
Just getting a handle on the details can go far to remove the mystery and dispel anxiety. A short list of the elements that need to be determined and coordinated are:
a. Professional and school requirements
b. Transaction imperatives in both communities
c. Moving and storage details
d. Utility requirements
Once a timeline is determined and a To Do checklist assembled, it will be possible to stay on top of the process. Most importantly, it will help highlight those details that seem to be falling behind— allowing them to get extra attention. Staying abreast of relocation details is the single most important keys that will lead to a smooth outcome. It’s one of Murphy’s Laws that, come moving day, any detail that has been put off until the last minute is likely to cause foul-ups of one kind or another. For instance, if the electric service wasn’t notified far enough in advance, count on the move taking place on the hottest day of the year. Unpacking cartons and moving furniture around without working air conditioners is a memory best avoided!
Any relocation is a challenge that requires a welter of decisions in areas that fall outside what people encounter in everyday living. Fortunately, it’s a challenge that your Dewey Beach real estate professional encounters regularly. Help with practical relocation to (or from) Dewey Beach is just one of the areas of practical expertise that is yours to tap into when you put an experienced Realtor on your team.
The days when most Americans expected to stay in the same community for a lifetime may be fading from memory, but being able to rely on your Dewey Beach real estate professional to help master some of the most challenging upshots is still here. They may say that nostalgia isn’t what it used to be, but that shouldn’t stop you from giving me a call, anytime! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com.