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Interspousal transfer or Quit claim deed - Which is better?

Author: Jessica Bennet
Community Mentor
Ask Jessica
Posted on: 25th May, 2006 04:47pm
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.
Posted on: 25th May, 2006 04:47 pm
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!
Hi Susan,

In many states, one can give up his interest in property to his spouse by the use of interspousal deed. The transferor may have to inform the mortgage company prior to the conveyance of property-interest.

When a person signs on the interspousal deed, according to the laws, he will be transferring community property into separate property. In other words, when you sign the deed, whatever interest you and your husband had, became entirely yours. So, your husband will have no interest in the property and cannot get the benefits of the current property value.

Thanks,

Caron.
Posted on: 05th Mar, 2007 08:48 pm
Hi,
Thank you for the previous response.
Now, my husband is telling me that he asked me to sign the wrong document. Instead of the interspousal transfer deed, he wants me to sign a quit claims deed.

In terms of divorce. Does signing this deed make the house 100% his separate property too?

Is there a deed that I can ask him to sign that will define my separate property and safeguard it if we get divorced? I don't have a house but personal bank accounts.
Posted on: 07th Mar, 2007 09:26 am
"Now, my husband is telling me that he asked me to sign the wrong document. Instead of the interspousal transfer deed, he wants me to sign a quit claims deed.

In terms of divorce. Does signing this deed make the house 100% his separate property too?"
If you use the quit claim deed to transfer your share of interest in the property then it will not make it his separate property. But you share of ownership will get transferred.

This is the difference between use of a quit claim deed and a interspousal transfer deed. By using a interspousal deed it can be mentioned that the transfer is been done to make the property grantee's separate property.

Deuflhard
Posted on: 07th Mar, 2007 10:18 am
Hi Perplexed,

Your bank accounts will not be affected if you sign a quit claim deed or an interspousal deed. By property, here it means real estate or your home. As you wish to protect your interest in property, it is better that you don't sign on any deed, be it interspousal or quit claim deed.

Thanks.
Posted on: 07th Mar, 2007 10:21 pm
now married I want to add my wife to deed. What is best way to do this?
Posted on: 08th Mar, 2007 09:46 am
Hi Bob,

A simple means of adding your wife as co-owner for the house will be to use a quit claim deed. It is commonly used in inter-family property transfers.

Gary Baseman
Posted on: 08th Mar, 2007 09:58 am
Hi Bob,

If there is no due on your house, then I suggest going with warranty deed instead of quit claim deed. It will provide warranty to her that there is no due on this house and in future she is not liable to make any past dues.

Thanks
Posted on: 08th Mar, 2007 08:26 pm
i received some $ from a refi, and signed a quit claim deed. now it looks like divorce on d horizon. can i go back at all?
Posted on: 21st Mar, 2007 07:51 pm
Do you mean you want that you want to undo the quit claim deed?
Posted on: 21st Mar, 2007 08:49 pm
i am recently seperated and the house i purchased before marriage, i live in florida. if i sign a quick claim deed to my ex so he can refinance in his name does he still have to buy me out legally of the appreciation valueof the home?
Posted on: 07th May, 2007 06:51 am
Hi Eener,

Welcome to Mortgagefit discussion board.

Before quit claiming the house to your ex, you should finalize how much amount out the appreciated value you want to get.

On the other hand if you want to give up the ownership so that ex can refinance then legally your ex is not required to buy out your share of interest in the house.

All depends on you, and whether you want anything out of the value of the house. If you would like to get a share in return for quit claiming the house then until he agrees to pay you do not sign on the deed.

Do let me know if you have any other questions.

Thanks
Blue
Posted on: 07th May, 2007 04:12 pm
Welcome Eener.

Legally it's not necessary that your ex-husband has to buy you out on getting the ownership rights through quitclaim deed.

You may use a quitclaim deed and take your name off the property-title so that your husband can refinance the loan in his name.

Thanks.
Posted on: 07th May, 2007 11:37 pm
My wife is planning to do a divorce. We were married for 9 years. We are in California. When I bought my home with my brother (for investment), my wife
signed this interspousal transfer deed. If this divorce is push through, does she has the right owning 50% of my house. I have taken my brother's name
last year and I'm the sole owner and name on the deed. We have a family trust and the house is on the trust.
Posted on: 07th Jul, 2007 04:21 pm
Henry as she has signed the interspousal transfer deed to give up her rights over the house it is now your sole property and she is not entitled to get any share from the house.

In a community property state interspousal transfer deed is also used to convert a community property into separate property. Thus now you have sole ownership over the house.

Miller
Posted on: 07th Jul, 2007 04:31 pm
My husband is a building contractor and built our home, when it was completed, he financed the home in his name only, and said I had to sign a quit claim deed because I was not on the mortgage. I did this. What does that mean in a community property state. Do I still own half of this house if we were to divorce.
Posted on: 15th Aug, 2007 05:35 pm
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