Details for AR quit claim?

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Icon Mini Profile kaosangre





Joined: 25 Nov 2009

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Post Posted: Wed Nov 25, 2009 1:24 am    Post subject: Details for AR quit claim?
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My unmarried partner and I bought a house together in AR. Both of us are on the deed and only he is on the mortgage.

We have since broken up and I have moved to Oregon. He wants me to sign a quit claim. I would prefer to do this after he has repaid me for the home improvement loans in my name.

1) Does the fact that I have moved out of the state affect the property? I do not own any other property.

2) If I marry in OR, does this affect the property in AR?

3) Can a quit claim include terms such as the loan repayments, or is that a different contract?

4) If I am not on the mortgage, what are my risks and liabilities right now?

I want to wrap up loose ends, but I am concerned that he will not pay the debt to me after I sign the quit claim. We refinanced in April 2009, so the taxes and insurance are paid for about another year.

Thanks!
Icon Mini Profile sara
sara
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Post Posted: Wed Nov 25, 2009 2:43 am    Post subject:
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Hi kaosangre,

I do not think that moving out of the state will affect the property in any way. If your name is mentioned in the property deed, then you would remain as one of the co-owner's of the property. If you marry in OR, then I don't think the property would be affected unless it is mentioned in the divorce decree that you'll have to sell off the property after marriage.

A quit claim deed is a property deed and will not include terms like loan repayment. You will have to make an separate agreement with your unmarried partner regarding this. As you're not on the mortgage, if the property is foreclosed by the lender, then it won't affect you. Your credit report will also not be affected. However, as there is a home improvement loan on the property, you will have to pay it off or the lender can come after you for the debts.

Take care.
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