Posted on: 04th Feb, 2008 12:25 pm
when using a quit claim deed for divorce purposes while selling a home, one spouse to remain in home until sold, the other spouse to move and repurchase. if we used a quit claim to give up interest are you also giving up any proceeds you would be due when home sells?
that's a legal question. presumably, you would have worked this out in any settlement agreement that may have been already negotiated. is there legal counsel involved in this divorce? if so, check with counsel.
Hi RebL,
welcome to the forum.
If you quitclaim, you are actually quitting all your claims from that property. So you will have no rights on that property and "also giving up any proceeds you would be due when home sells".
Feel free to ask if you have any further questions.
Best of luck.
Larry
welcome to the forum.
If you quitclaim, you are actually quitting all your claims from that property. So you will have no rights on that property and "also giving up any proceeds you would be due when home sells".
Feel free to ask if you have any further questions.
Best of luck.
Larry
If you are purchasing the home from a spouse, you should use a grant deed. Contact a title company to handle the transaction for you through an escrow. Treat it as an arms-length transaction, as if you were buying from a stranger.
