Interspousal transfer or Quit claim deed - Which is better?

Jessica
Author:
Community Mentor
Rate This Article:
(Rated 4.7 by 5025 viewers)



Interspousal transfer deed or interspousal transfer grant deed is a deed which is used to transfer property between spouses. It is mostly used in divorce cases when one spouse needs to transfer property to another and convert community property into separate property.

A quitclaim deed may also be used to transfer property but in case of transfer between spouses, an interspousal deed is preferred. However, whether it's a quitclaim or interspousal deed, neither of them can help one get rid of the mortgage obligation, if any, on the property.


Last updated on January 21, 2013

Latest Community Discussions
husband is here in fl. has durable power of attorney..Can husband sign deed over to just him...quit claim it to just him. wife is in c...

posted on 2014-09-10 19:57:29
My father left my 3 siblings and I property (no house) on a quit claim deed. I would like to be left out of this and have no interest i...

posted on 2014-08-19 18:19:32
My husband I own a home in Phx Az. My son has been making the payments as he owns it. How does he get the deed in his name so he can ...

posted on 2014-08-16 11:24:12
I am a married person that wants to make a quit claim deed for lake property willed to me (my husband is not an owner) as 1/3 owner, te...

posted on 2014-07-15 13:43:19
My mother has a reverse mortgage. Can she get a quit claim deed to turn the house over to me,her daughter?

posted on 2014-04-15 18:44:02





Ask question to Author
Subject
Image Verification


Can't read the image? click here to refresh
Message body
Author Message
CianosMommy


Guest




Post     Post subject: Interspousal transfer or Quit claim deed - Which is better?

Hello:

I'd like to add my husband's name to the property deed of our home, but I'm wondering if it's better to do an Interspousal Transfer Deed or Quit Claim Deed? What's the difference?

Thanks!

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Mini Profile  blue

blue


Joined: 21 Oct 2005
Posts: 1130
Location: MARYLAND
137.76 Dollars($)
Post     Post subject:

Hi Cianos,

In case of a divorce a quit claim deed may prevent ex's heirs from claiming his shares after his death which can be avoided through an interspousal transfer deed.

The process is almost same as in quit claim deed. Get a form of the Interspousal Transfer Deed and together you need to sign it in the presence of a notary. After that get it filed with the help of your attorney.

Blue
Angel


Guest




Post     Post subject:

Hi Cianos,

I think you can opt for a quit claim deed to add your husband's name to the property interests.

But, it's better to seek suggestions from a lawyer before you do anything regarding the transfer.

Angel
Mini Profile  Samantha

Samantha
Community Mentor
Community Mentor

Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.93 Dollars($)
Post     Post subject: Interspousal vs. Quitclaim Deed to Add Husband's Name

Hi Ciano,

Welcome to MortgageFit Forums.

Though I am not related to real estate legal matters but what I think is that in this case you need to go for a quit claim deed.

An Interspousal Transfer Deed is required when you need to transfer interests in the property as well as want to convert a community property into separate property.

So, while adding your husband's name to the property it won't be required to make your property a separate property. A simple quit claim deed under the guidance of an attorney will serve your purpose.

Always consult an attorney before you make any changes to the property title as real estate transfers are complicated and you should know from the beginning what you are doing.

God bless you.

For MortgageFit,
Samantha
Deborah


Guest




Post     Post subject: Interspousal Transfer Deed

Once a Interspousal transfer deed is signed by spouse can they be added to the deed later and if so do you just go to county office and add. Also, once you sign the interspousal transfer deed does this take you off the mortgage responsiblity (California resident).
Mini Profile  colin

colin
Moderator

Joined: 30 Jun 2006
Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post     Post subject:

Hi Deborah,

Welcome to Mortgagefit forum.
Quote:
Also, once you sign the interspousal transfer deed does this take you off the mortgage responsiblity (California resident).

Even if the property is transferred using a deed if you were one of the co-borrowers then you will remain liable for the mortgage. With the transfer of property, mortgage does not get transferred in the name of the other person.

To remove your name from the mortgage you will have to get the mortgage refinanced in the name of that person. This way you will not be responsible for the mortgage. One another method is known as novation which can also be used to transfer the mortgage. You should discuss these options with your lender.

Colin
cupcake


Guest




Post     Post subject: Buying a house

I have a house that is my sole and separate property. I am buying another house and I am in the middle of a divorce that has been going on for almost 2 years. If I buy this house will my soon to be ex have any interest in it? This is in California. His name is not on anything.
Louise Galvin


Guest




Post     Post subject:

If you purchase the home with your separate funds and he is not included in the title of the new home then it will remain your separate property.

Louise Galvin
Mini Profile  sara

sara
Moderator

Joined: 05 Jul 2006
Posts: 3236
Location: New Brunswick, New Jersey
581.38 Dollars($)
Post     Post subject: RE: property owner after divorce

No Cupcake, I don't think your ex-spouse can have any interest in the new house until and unless he signs any legal document regarding the ownership of the property.

Thanks
surfergirl


Guest




Post     Post subject: interspousal transfer deed

I purchased a home while married. My husband executed an interspousal
transfer deed which was recorded. Grant deed is in my name as a married woman, as her sole and separate property. Does this mean that the home is solelymine and if the property is sold, the proceeds are my sole and separate monies?
ben franklin


Guest




Post     Post subject:

If you are facing a divorce then the court decision will vary depending upon which state you live in, whether it is a community property state or not.

ben franklin
McLeod


Guest




Post     Post subject:

The use of interspousal transfer deed by your husband for the property transfer is known as transmutation of separate property to community property. This is a process by which a spouse can transfer whatever rights he/she may have over the property to the other spouse. As such all the proceeds, if the home is sold should be yours only.
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post     Post subject:

Surfergirl, the interspousal deed helps to transfer property from one spouse to another and at the same time converts community property to separate property.

It seems that your husband has signed an interspousal transfer deed to hand over the property solely in your name. Hence you are the sole owner of the property.

_________________
Procrastination is the enemy of your financial success
socalpilgrim


Guest




Post     Post subject: interspousal deed of transfer

we sold our house recently and looking at the new property report, it is now under the buyer's name (1 only) and the deed type as recorded is interspousal deed of transfer....can you explain what might have happened...i was expecting a grant deed instead...thanks
Mini Profile  colin

colin
Moderator

Joined: 30 Jun 2006
Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post     Post subject:

Hi Socalpilgrim,

Interspousal transfer deed is used when a property is transferred by husband or wife to the other spouse.

If you are selling your house to any third party buyer then such kind of deed is not used. You should talk with the attorney who helped you finalize the sale of the house about what actually happened.

Colin
1, 2, 3, 4, 5, 6  Next  
Page 1 of 6

 

Page loaded in 1.384 seconds.