Posted on: 06th Mar, 2007 10:17 am
Legally, what is the best and cheapest way to handle this.
hi bwarra,
welcome to mortgagefit forum.
you can ask your wife to transfer her interest in the house to you using a warranty deed. i am assuming there is no mortgage on the house and the title is held clear of any liens by you two.
but if there is a mortgage then warranty deed cannot be used, instead you would have to use a quit claim deed and also get the mortgage refinanced in your name.
colin
welcome to mortgagefit forum.
you can ask your wife to transfer her interest in the house to you using a warranty deed. i am assuming there is no mortgage on the house and the title is held clear of any liens by you two.
but if there is a mortgage then warranty deed cannot be used, instead you would have to use a quit claim deed and also get the mortgage refinanced in your name.
colin
As wife will be transferring her share of the house to her husband a interspousal deed can also be used.
It is commonly used when one spouse is transferring his/her share of property to the other spouse.
c. mayes
It is commonly used when one spouse is transferring his/her share of property to the other spouse.
c. mayes
Hi Bwarra,
Welcome to our community.
A Statutory Warranty Deed is preferred in most cases of property transfer on account of divorce. Through this deed, the grantor (property transferor) makes the following statement to the grantee (transferee):
"I (grantor) do not know what type of property-title I have, but I promise that I haven't conveyed my property to any other person. I shall protect you (grantee) from any claim that I have transferred the property to some other person, and I shall compensate you if it costs you.
"
By using a statutory warranty deed, a transferring spouse can warrant that he or she hasn't made any unauthorized (unlawful) transfer of property.
What I'll suggest is that you can ask your wife to contact an attorney who will draft the deed as is available in your state. Then, by using the deed, your wife can transfer the property to you.
Welcome to our community.
A Statutory Warranty Deed is preferred in most cases of property transfer on account of divorce. Through this deed, the grantor (property transferor) makes the following statement to the grantee (transferee):
"I (grantor) do not know what type of property-title I have, but I promise that I haven't conveyed my property to any other person. I shall protect you (grantee) from any claim that I have transferred the property to some other person, and I shall compensate you if it costs you.
"
By using a statutory warranty deed, a transferring spouse can warrant that he or she hasn't made any unauthorized (unlawful) transfer of property.
What I'll suggest is that you can ask your wife to contact an attorney who will draft the deed as is available in your state. Then, by using the deed, your wife can transfer the property to you.
