Land Title and Combining Property

Q: My wife, I, and a friend bought a piece of property adjoining our homestead. Now, our friend would like her name off the title, and my wife and I wish to combine that property with our homestead. We would also like to refinance instead of paying two separate mortgages. What steps should we take and who should we talk to first?

A: If your friend is expecting an exchange of funds to deed the property to you and your wife, an Earnest Money Contract needs to be drawn up to purchase the property from the friend. I would suggest contacting a lender to speak about these specifics. In order to refinance and have one payment shouldn't be a problem except you will have a new deed recorded in the past six months. Many lenders are wanting a deed to be filed for more than six months before loaning the funds. Austin Title Company can assist with the title insurance again without any problems so any issue that might come up would be on the lender's or final investor's end. Direction should be sought from them.