Posted on: 02nd Dec, 2008 07:05 pm
Mrs X a married woman and SPOUSE of the Grantee for a valuable consideration, receipt of which is hereby acknowledge, hereby quit claim to Mr. X as his sole and separate property all that real property in the County of Clark, State of Nevada, bounded and described as follows: See Exhibit "A" attached herto and be reference made a part herof. Exhibit "A" is the legal description of the parcel.
Why would a married couple that still reside in the marital residence do this? Would they do this for some financial reason? I am very interested in hearing why someone would or need to do this and still stayed married.
Why would a married couple that still reside in the marital residence do this? Would they do this for some financial reason? I am very interested in hearing why someone would or need to do this and still stayed married.
Welcome diannwingsiii,
I don't think there would be a financial reason for transferring the property in that way. However, if such a quitclaim deed is signed, then the wife will be giving away her interest in the property and the property will henceforth become a separate property of the husband. The wife will have no interest in the property.
I don't think there would be a financial reason for transferring the property in that way. However, if such a quitclaim deed is signed, then the wife will be giving away her interest in the property and the property will henceforth become a separate property of the husband. The wife will have no interest in the property.
I still don't understand why a wife would want to do this?
Hi Guest,
The wife may want to sign such a quitclaim deed in order to give away the property to the husband. Moreover, in a community property state, if the husband is planning to take a mortgage on the property, then the lenders may ask the wife to sign a quitclaim or an inter-spousal deed. This is because in case the husband defaults in paying the mortgage, the lender can easily foreclose the property.
Thanks
The wife may want to sign such a quitclaim deed in order to give away the property to the husband. Moreover, in a community property state, if the husband is planning to take a mortgage on the property, then the lenders may ask the wife to sign a quitclaim or an inter-spousal deed. This is because in case the husband defaults in paying the mortgage, the lender can easily foreclose the property.
Thanks
Hi,
Would a Irrevocable Trust supersede a Quit Claim?
Would a Irrevocable Trust supersede a Quit Claim?
hi cameron,
a quitclaim and an irrevocable trust are class apart. a trust is normally created to manage assets in a better way and to avoid probate so the property gets transferred to the successors without much hassle. on the other hand, a quit claim deed simply transfers one's share of property to another without a guarantee that the grantor is the actual owner of it.
however, the point of similarity between them could be the fact that both cannot be reversed easily. an irrevocable trust, as the name suggests, cannot be revoked and a quit claim deed too cannot be reversed unless the grantee signs it back to the grantor.
a quitclaim and an irrevocable trust are class apart. a trust is normally created to manage assets in a better way and to avoid probate so the property gets transferred to the successors without much hassle. on the other hand, a quit claim deed simply transfers one's share of property to another without a guarantee that the grantor is the actual owner of it.
however, the point of similarity between them could be the fact that both cannot be reversed easily. an irrevocable trust, as the name suggests, cannot be revoked and a quit claim deed too cannot be reversed unless the grantee signs it back to the grantor.