Posted on: 02nd Mar, 2011 06:20 pm
My wife and I have reached a settlement agreement regarding our California Divorce. In it, she has agreed to turn over sole ownership of the house to me, with no buy out. Her lawyer wrote up the docs that I am currently reviewing with my attorney, they have not yet been finalized, signed or submitted to the court. In them he suggested that an Interspousal Deed Transfer be signed, thus giving me sole title. My current intention is to sell, however, if I find a job, may very well decide to keep the house. I am aware that the ID doesn't get my wife's name off the mortgage, which will happen if I sell or I will re-fi if I decide to retain ownership.
Is the ID the best way to go, as opposed to a Quitclaim?
How long, from the time the ID is signed might it take for the transfer to become official? Is it at all revocable?
Once finalized would she have any power whatsoever as to the decisions I make regarding the listing price, sales prices or if I choose to keep it?
Do you know what this may cost to execute? I don't believe it is much.
Thanks,
Ed
Is the ID the best way to go, as opposed to a Quitclaim?
How long, from the time the ID is signed might it take for the transfer to become official? Is it at all revocable?
Once finalized would she have any power whatsoever as to the decisions I make regarding the listing price, sales prices or if I choose to keep it?
Do you know what this may cost to execute? I don't believe it is much.
Thanks,
Ed
Welcome evigdor,
Both inter-spousal deed or quitclaim deed can be used in case of property transfer. Once the deed is signed and recorded at the county recorder's office, you'll become the sole owner of the property and sell it off. The cost of execution may vary from state to state. You'll have to contact a real estate attorney and he will be able to let you know about the costs.
Both inter-spousal deed or quitclaim deed can be used in case of property transfer. Once the deed is signed and recorded at the county recorder's office, you'll become the sole owner of the property and sell it off. The cost of execution may vary from state to state. You'll have to contact a real estate attorney and he will be able to let you know about the costs.