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quit claim deed and sttlement agreement

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?

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

jheard's picture
jheard | Joined: December 12, 2007 08:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

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