quit claim deed and sttlement agreement

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liz

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Post Posted: Mon Dec 17, 2007 7:30 pm    Post subject: quit claim deed and sttlement agreement
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My husband has agreed to buy me out of our presently owned property, he will make payments for the next six years to me. This is stated in our settlement agreement. He also wants me to sign a quit - claim deed on the same property. Does that cancel out my right to be paid the equity in the property through the settlement?
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Post Posted: Tue Dec 18, 2007 2:18 am    Post subject:
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Hello Liz,

If you sign a quit claim then you will lose all your rights to the property.

But if there's a settlement agreement, then I don't think it will be a problem. Make sure that the agreement is worded properly and has signatures of witnesses.

You may also consult an attorney and take his advice, if required.
Rosetta

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Post Posted: Tue Dec 18, 2007 6:51 am    Post subject:
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Hi Liz,

What Jenkin says is correct. But I think it will not be wise to quit claim all your interest in the property before the entire payment is complete. You should consult an attorney and if he finds it ok with the settlement agreement then you may do that.
Icon Mini Profile gmakerley
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Post Posted: Tue Dec 18, 2007 9:11 am    Post subject:
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yes, by all means, consult with a real estate attorney in order to protect yourself.

perhaps what you will end up with is a mortgage on the property in your favor, stipulating the terms of repayment. in that case, your relinquishing of title wouldn't be harmful.

again...please seek legal counsel.

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Icon Mini Profile jheard
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Post Posted: Wed Dec 19, 2007 12:42 pm    Post subject:
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You can quitclaim your interest to him, but do it *after* you receive all the payments; otherwise, you have no security for the payments. Or, you could give him the quitclaim deed now, but take a security interest in the property for the loan amount in the form of a deed of trust (mortgage)
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Post Posted: Sun Jan 20, 2008 8:35 pm    Post subject:
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No it wont cancel out his agreement to pay you as long as that is in writing. It would be a debt and if he defaults you have the right to collect on that. Just make sure it is in writing and clear. If it is in the divorce decree then that is in writing and the judge will enforce it. As far as signing a quit claim, refer to your divorce decree to see when you need to do that.
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