Posted on: 26th Nov, 2007 09:08 pm
I live in California and my husband is purchasing a condo. I don't approve of the purchase so he is trying to but it on his own. I have been told that I am not on the mortgage and he wants me to sign a Quickclaim to release any interest in the property. If he is purchasing it on his own, is there really a need for me to sign it?
Hi Dinkyp,
Welcome to this forum.
California is a community property state. So when your husband will purchase the condo, you will get 50% ownership of that property as per the state law. That is why may be your husband is asking you to sign a quitclaim deed.
Thanks,
Larry
Welcome to this forum.
California is a community property state. So when your husband will purchase the condo, you will get 50% ownership of that property as per the state law. That is why may be your husband is asking you to sign a quitclaim deed.
Thanks,
Larry
Hello Dinkyp,
I agree with Larry. Since California is a community property state, you will automatically get 50% ownership of the property according to the state laws. As you are not on the mortgage, so may be the lender wants you to release your community interest in the property and that's why you have been asked to sign a quit claim.
However, if you sign the quit claim you will lose ownership rights to the property completely.
I agree with Larry. Since California is a community property state, you will automatically get 50% ownership of the property according to the state laws. As you are not on the mortgage, so may be the lender wants you to release your community interest in the property and that's why you have been asked to sign a quit claim.
However, if you sign the quit claim you will lose ownership rights to the property completely.