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 almar
Joined: 23 Oct 2008
Posts: 1
1.40 Dollars($)
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 Posted: Thu Oct 23, 2008 8:29 pm Post subject: Should I sign interspousal deed if boyfriend purchases home? |
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| I am not married my boyfriend and I have been living together for the past 3 yrs we have three kids together. He is in the process of finalizing papers on the purchase of a new home. He did not add me on the title he says for the benefit of tax purposes. Now he is asking me to sign an interspousal transfer grant deed. Does this mean that if we ever seperate I cannot fight any type benefits from that house. What happens if I refuse to sign this paper? Can he still purchase his house without adding me on the title? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Oct 23, 2008 10:24 pm Post subject: |
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Hi almar!
An inter-spousal deed is generally signed between spouses to get certain tax advantages. It may also be used to transfer a community property into a separate property. Quitclaim deeds are signed generally in case of gift transfers. However it should be remembered that whether it is a inter-spousal deed or a quitclaim , it will never transfer mortgage.
If you sign an inter-spousal deed, then I don't think you will have a right to the property or get any benefits from it. If you refuse to sign, he cannot force you.
If his credit score and income is good, then he may definitely purchase a house without adding you to the title.
Thanks. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Sat Oct 25, 2008 4:00 am Post subject: |
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Hi almar!
Sometimes the lenders also ask the borrower's spouse to sign an inter-spousal transfer deed mostly in case of community property state. This is because if the borrower cannot pay the debts, the lender will foreclose the property and sell it to recover debt. In case of community property, the lender will have to pay the other spouse his/her due. The lenders do not want this and thus the signing of inter-spousal deed is important.
Thanks.
_________________
Good is the Enemy of Great. |
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Isobel Floyd
Guest
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| Posted: Wed Oct 29, 2008 12:24 pm Post subject: Deed |
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| My husband showed me the deed to the home we purchased in Florida wherein it said Edward Floyd or Isobel Floyd. Is that correct? I want to make sure as I will be paying 3/4's of the bills. Why would it not say Edward Floyd and Isobel Floyd? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.07 Dollars($)
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| Posted: Thu Oct 30, 2008 2:56 am Post subject: |
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Hi Isobel,
Welcome to the forums.
If you wish to have both of your names on the property, then the deed should be drafted such it reflects both of your names on it. Thus, it should be Edward Floyd and Isobel Floyd. I suggest that you talk to an attorney and get a fresh deed drafted by him.
Take care |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Thu Oct 30, 2008 9:22 am Post subject: |
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Check with a local real estate attorney. Usually when title is held as "or" it is a Joint Tenancy. When it is held as "and" it is Tenants in Common.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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