Posted on: 08th Jun, 2010 06:25 am
hi
my wife and i will file divorce, and we have only one property. based on our agreements, i will keep the house, but i need to give my wife ceratin amount os money.
when i refiance with cash-out, i know she needs to sign quit claim deed, do we need to get divorce legal paper first? if my wife signs the quit claim deed, does she have any other rights about our property? do i need to notify county about the new title of the property? if i sell the house 5 years later, what is the base of the property? (we bought the house 20 years ago, is the base price based on the date when my wife signs the quit claim deed?) thanks
my wife and i will file divorce, and we have only one property. based on our agreements, i will keep the house, but i need to give my wife ceratin amount os money.
when i refiance with cash-out, i know she needs to sign quit claim deed, do we need to get divorce legal paper first? if my wife signs the quit claim deed, does she have any other rights about our property? do i need to notify county about the new title of the property? if i sell the house 5 years later, what is the base of the property? (we bought the house 20 years ago, is the base price based on the date when my wife signs the quit claim deed?) thanks
Hi jdavid,
It's better if you could get your divorce legal and then apply for a refinance. Once your wife signs the quit claim deed, she will have no rights over the property. Once your wife signs the deed, you will have to record it at the county recorder's office. This will make the deed legal. As far as I can understand, the property value 20 years back will be considered as the base when you sell it off.
Thanks
It's better if you could get your divorce legal and then apply for a refinance. Once your wife signs the quit claim deed, she will have no rights over the property. Once your wife signs the deed, you will have to record it at the county recorder's office. This will make the deed legal. As far as I can understand, the property value 20 years back will be considered as the base when you sell it off.
Thanks