Posted on: 20th Sep, 2007 02:22 pm
we own two pieces of property as husband and wife, and we wish to both take sole title to one piece of property. is is best to file a quit claim deed or an inter spousal transfer?
Since it's a transfer between spouses, therefore an interspousal deed would be the best here.
Hi Plarson,
Welcome to the forums.
It will depend upon your state as to whether you should sign a quitclaim or an interspousal deed. An interspousal deed converts community property to separate property and if the community property exists in your state, then only you can use this deed. Otherwise, it is better to use a quitclaim deed. By the way, in which state do you live in?
Welcome to the forums.
It will depend upon your state as to whether you should sign a quitclaim or an interspousal deed. An interspousal deed converts community property to separate property and if the community property exists in your state, then only you can use this deed. Otherwise, it is better to use a quitclaim deed. By the way, in which state do you live in?
So are you saying that in California, we need to use the Inter Spousal Transfer form? the Title Company filled out a Grant Deed and a Preliminary change of Ownership Form for me. Are there tax ramifications involved or reassessment of the property with either one of these forms?
I think the Quit Claim Deed is better and easier . now that you and your wife are all consentaneous,you can file this deed.
My husband and I bought two properties during our marriage and signed quit claim deed on both of them. so one is under his name and another is under my name. Now we're in the divorce process. Does the Quit claim deed entitle me to all the proceeds of the sale of the property and the same for his property?
Hi Jessica J,
Welcome to this forum.
After the quitclaim, both of you owns one property. And you will have to take all the legal obligations of that property that you own. If you want to sell the property, you will have to carry out all the proceeds of the sale of that property. Your ex-husband doesn't entitle to carry out the sell proceeds as he has already quitclaim the property to you.
When you are selling a property, take help from an attorney to avoid any further complications.
Thanks,
Larry
Welcome to this forum.
After the quitclaim, both of you owns one property. And you will have to take all the legal obligations of that property that you own. If you want to sell the property, you will have to carry out all the proceeds of the sale of that property. Your ex-husband doesn't entitle to carry out the sell proceeds as he has already quitclaim the property to you.
When you are selling a property, take help from an attorney to avoid any further complications.
Thanks,
Larry