Posted on: 05th Feb, 2007 08:59 am
My husband is selling a property. My name is not on the title. He would like me to sign a quitclaim deed. Does this mean that I am giving up all rights to any profits realized from the sale. I do not want to do this. Should I sign a warranty deed instead?
if your name is not on the title then it is not necessary for you to sign a quit claim deed. as far as i know when you are taking a loan lenders require the other spouse to sign a quit claim deed even if he/she does not have any ownership over the house. but not when you are selling a property.
herbert m.
herbert m.
"Should I sign a warranty deed instead?"
Quit claim deed and warranty deed serve the same purpose of transferring property ownership to someone else.
Quit claim deed does not guarantee that the grantor has clear title to the property he is quit claiming. On the other hand using a warranty deed the seller warrants a clear title to the grantee.
The situation you are in, where you do not have ownership of the house, a warranty deed can not be used and won't serve any purpose also.
What your husband is asking for is called spousal waiver of your rights over the house. My advice would be to not sign on any such deed.
Quit claim deed and warranty deed serve the same purpose of transferring property ownership to someone else.
Quit claim deed does not guarantee that the grantor has clear title to the property he is quit claiming. On the other hand using a warranty deed the seller warrants a clear title to the grantee.
The situation you are in, where you do not have ownership of the house, a warranty deed can not be used and won't serve any purpose also.
What your husband is asking for is called spousal waiver of your rights over the house. My advice would be to not sign on any such deed.
Hi GEOOOOO,
How can you give up all your rights when you are not on the title. It doesn't make sense to sign a quit claim deed or warranty deed to transfer your property when you don't have any interest in it.
I think there is some confusion somewhere. It will be better if you get it clarified from your husband whether you have any interest in the property. By the way, what is the name of your state? May be it is community property state and you may get 50% of the interest in property even if you are not on title. That means, when the property is sold, you should get 50% of the sale proceeds.
Perhaps your husband does not want to share the proceeds with you and this is why he has asked you to waive your rights and claims on the property.
I shall suggest that you do not sign the deed and convince him to divide the sale proceeds amongst the both of you, provided you reside in a community property state.
Thanks
How can you give up all your rights when you are not on the title. It doesn't make sense to sign a quit claim deed or warranty deed to transfer your property when you don't have any interest in it.
I think there is some confusion somewhere. It will be better if you get it clarified from your husband whether you have any interest in the property. By the way, what is the name of your state? May be it is community property state and you may get 50% of the interest in property even if you are not on title. That means, when the property is sold, you should get 50% of the sale proceeds.
Perhaps your husband does not want to share the proceeds with you and this is why he has asked you to waive your rights and claims on the property.
I shall suggest that you do not sign the deed and convince him to divide the sale proceeds amongst the both of you, provided you reside in a community property state.
Thanks
Which is safer to do? Warranty or quitclaim when your mother is going into nursing home. She wants to sign over the house to me.
Hi goldsmithh,
If the property is free and clear, then your mother can use a warranty deed to transfer the property to you. However, if your mother wants to take advantage of the Medicaid benefits, then she should use a ladybird deed, if it's applicable in your state. To know whether a ladybird deed affects Medicaid penalty, check out the given page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
If the property is free and clear, then your mother can use a warranty deed to transfer the property to you. However, if your mother wants to take advantage of the Medicaid benefits, then she should use a ladybird deed, if it's applicable in your state. To know whether a ladybird deed affects Medicaid penalty, check out the given page:
http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html
How do you get a spousal waiver?
Hi gigi,
You will have to ask your spouse to give it in writing that he or she doesn't have any interest in your property. He or she may even sign an inter-spousal transfer deed in this regard. To know more about spousal waiver, check out the given page:
http://www.mortgagefit.com/know-how/spousalwaiver.html
You will have to ask your spouse to give it in writing that he or she doesn't have any interest in your property. He or she may even sign an inter-spousal transfer deed in this regard. To know more about spousal waiver, check out the given page:
http://www.mortgagefit.com/know-how/spousalwaiver.html