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moscwichka · Joined: 10 Sep 2007 Posts: 1 1.30 Dollars($)

Quitclaim deed. Question: Should it be done before or after our divorce is finlized? Are there any transfer taxes due in this transaction? I'm buying him out.

Thanks for all your help.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Moscwichka,

If the divorce proceeding has not yet started, then your husband can anytime transfer half of the condo to you. But once the proceeding has started, the court will decide about the division of the property. You cannot do the quitclaim at your wish.

For the property transfer, there are certain transfer taxes like gift tax or capital gains tax that are applicable. But these types of taxes will have to be paid by your husband as he will sell half of the condo to you. In that case, you need not pay any tax.

ezmortgageloanz · Posted: Tue Sep 11, 2007 1:37 am Post subject:

It should be noted that a quit claim deed, regardless of when it is done, does not excuse you in the mortgage lender's eyes---you'll need to "divorce" from the mortgage by doing a refinance.

Assuming the party keeping the property can qualify on his/her own, you could contact your current lender directly for the cheapest alternative to a pre-divorce refinance.

Severing & seperating joint accounts---whether it be checking, credit card, mortgage, etc., is always best done prior to the finalization of the divorce.

Regards,

Scott Miller

Guest

Hello Moscwichka,

The transfer tax is sometimes charged as deed registration tax and is imposed on the transfer of property from one person to another. And this deed tax will probably be paid by the buyer. In that case, as you will buy out your husband's share to the property, you may have to pay the deed tax.

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We are in the process of getting divorced. My husband will t