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socalpilgrim
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Post subject: community property |
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what is the difference when you have the property classified as community property (50-50 ownership) as opposed to husband and wife (also 50-50)?
thanks. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.76 Dollars($)
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Post subject: RE: interspousal deed |
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Hi Socalpilgrim,
Welcome to our forums.
I don't really understand as to why the deed used for the transaction is an interspousal. After all, you haven't transferred title to your spouse. Such a kind of deed is used in case of transfers between husband and wife.
In your situation, a grant deed could be the right choice to serve your purpose. By the way, did you hire an attorney to prepare the deed for you? If so, request him to give you an explanation; you may have to change the deed to make the transaction legally effective in accordance to your situation.
| Quote: | | difference when you have the property classified as community property (50-50 ownership) as opposed to husband and wife (also 50-50) |
Community property is similar to property owned by husband and wife with each spouse having undivided one-half interest in the property.
Thanks,
Caron.
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socalpilgrim
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Post subject: interspousal deed |
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what happened is that after we issued a grant deed an interspousal deed was executed between the principal buyer (husband) as the grantee and his wife (although not on the loan docs) as the grantor...the borrowers on the loan docs was this husband and another relative.......all related docs on the purchase were recorded on the same date...may be you could shed more light what the husband and wife wants to accomplish
on the the other issue, is there a benefit if we change the "community property" to "husband and wife" our current property? the property we sold above had been "husband and wife".
thank you for the clarification..
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jeff clavier
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Post subject: |
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| It is not necessary to change it from community property to any other form. As being community property it secures your rights over it in case relation with your husband takes a bad turn. Though I hope it never happens. |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: RE: interspousal deed executed after grant deed |
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Hi Socalpilgrim,
I am not sure but may be the husband and wife wish to convert their community property into separate property. This means that the wife or the grantor is giving away the property to the grantee or the husband. So the property will solely belong to the husband.
As far as I know, community property and husband and wife property are the same. But I still need to check. Just give me some time and I shall be able to tell you.
Thanks,
James. |
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Thomas
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Post subject: |
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| But Jeff, I guess you are referring to socalpilgrim. However, he is not involved with the interspousal deed. Rather it is the buyer of his property who has executed the deed. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
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Post subject: RE: community property issues |
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Hi Socalpilgrim,
Whatever property a husband and wife owns together is community property.
In a community property, both husband and wife equally own all money either of them has earned from the beginning of marriage till the date of separation. Moreover, property acquired through contributions of both husband and wife is equally owned by both of them regardless of who purchased it.
Community property can be changed to separate property but in your situation there is no necessity because you have already sold it.
Thanks,
Sara |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: RE: community property is similar to "husband and wife& |
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Hi Socalpilgrim,
I checked and found that community property is the same as property belonging to both husband and wife.
Thanks,
James. |
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cathielynn
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Post subject: quick claim deed to transfer half ownership |
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| can a quick claim deed be used to add spouse as joint owner of real property. |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Post subject: |
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Yes Cathielynn, you can use a quit claim deed to include your husband as co-owner of the property.
A quit claim deed can be used to transfer property to someone and also for including a person as joint owner of the property. For that you should download a quit claim deed form and fill it up with the help of a lawyer. After that you will have to get it notarized and recorded at your local county recorder's office. After it is recorded both of you will become co-owners of the property.
Go through the quit claim page for more details about its use in property transfers - http://www.mortgagefit.com/quitclaim-deed.html
Colin |
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perplexed
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Post subject: interspousal transfer deed |
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My husband asked me to sign an interspousal transfer deed because his parents are "giving" him their house. At the same time he has to refinance because he is giving his parents money that is about 1/3 of the cost.
He says that if I sign the deed, it would make the title change a lot easier because currently 1/2 of house is in his parent's name, 1/4 is in his name and 1/4 is in his sister's name. The sister and her husband are all signing documents that state they are handing their shares to the parents.
If in the unfortunate event that we get divorced, does this mean that the house is 100% his? I'm also currently unemployed and a student. |
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susan
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Post subject: Interspousal transfer deed |
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| When we bought the house my credit was bad so I had sign a quit claim now it vice versa. my husband credit fell in the hole when he was in the hospital. our 3 yr arm is about to be up in a few month, we are planning to switch the loan and the title to my name for a better rate would this be the right form to add my name to the title? (from 1 spouse to both spouses) When I refinance we will take his name out. |
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greenfield
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Hi Susan,
You can use quit claim deed for addition of your name to the title of the property.
Interspousal Transfer Deed is used more commonly when a person wants to transfer his interests in the property as well as convert a community property into separate property.
Quit claim deed is much simpler and in your situation a quit claim deed would serve the purpose. |
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jacobson
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Post subject: |
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| Quote: | | If in the unfortunate event that we get divorced, does this mean that the house is 100% his? I'm also currently unemployed and a student. |
Perplexed, if you sign over your rights to the property using a interspousal transfer deed then afterwards you will not be able to put any claim over it. |
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susan
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Post subject: |
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| Thanks for your answer. So if later down the line and he restore his credit and I want to add his name back on then I would still use the quit claim to add him? |
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