Posted on: 07th Feb, 2009 12:08 am
My wife and I are in the process of divorce (in California). She agreed for me to buy her interest in our house for 50k. There is about 7k unpaid mortgage balance on the house.
Should I use the quitclaim deed to transfer the house to my sole ownership ?
Thanks
Should I use the quitclaim deed to transfer the house to my sole ownership ?
Thanks
yes, you should use a quitclaim deed after you buy the share of your wife, to make the title of the property solely in your name. now, the question is whether the mortgage is in your name solely or in the name of both of you? if the mortgage is in the name of both of you, you need to refinance the mortgage to remove her name.