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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!
If you had not contributed towards mortgage payments then you cannot claim any share out of the house even if you are in a community property state.

However, if you contribute towards mortgage payments and property maintenance then at the time of divorce you have the right to claim a share out of the house even if you are not on the title. In such situation to calculate share of each spouse the Moore Marsden Rule is used.

Miller
Posted on: 15th Aug, 2007 05:50 pm
He used the money from the sale of our home to buy the land, which was in my name also, and to build the house.
Posted on: 15th Aug, 2007 06:27 pm
As joint funds were used in the purchase of land and for building the house you definitely have rights to claim share from the house during divorce.
Posted on: 15th Aug, 2007 06:37 pm
Hi Arlene,

If your fund is also included in building up the house, then you can certainly claim a part of the house now. If needed, you can consult with an attorney for necessary legal action in acquiring yor share of the property.
Posted on: 15th Aug, 2007 09:09 pm
If there is a lien on my property because of my spouse's debt, can I still take him off the title to our home using an interspousal transfer deed?
Posted on: 21st Aug, 2007 10:17 pm
Hi Chopstix,

An Inter Spousal Transfer Deed transfers the property rights even if there is a lien against the same property. It is just like a quitclaim deed. But for taking your husband off the property title, you must take his concern as his signature will be required at the time of filling the deed.
Posted on: 22nd Aug, 2007 01:45 am
Larry, thanks for the reply. My husband is willing to sign a deed to take his name off the title. One more question, which deed is appropriate to carry such an action, quitclaim or interspousal deed?
Posted on: 22nd Aug, 2007 09:13 am
"If there is a lien on my property because of my spouse's debt, can I still take him off the title to our home using an interspousal transfer deed?"

As the lien has been place on the title removing spouse from title will not result in removal of lien.

It will stay on the property and who gets ownership will have to repay the lien amount.

Miller
Posted on: 22nd Aug, 2007 12:40 pm
Hi Chopstix,

You can use any of the deed to remove your husband from the title. But as there is a lien against the house, it must have to be paid off.
Posted on: 22nd Aug, 2007 10:38 pm
i purchased my home using my va loan. my ex-wife and i are both on the mortgage. per the divorce decree, we are supposed to sell it and split 50/50, but my ex-wife has the option to purchase the house first. she is being told from an attorney that she cannot buy the home because her name is on the mortgage already and that i must sign a quit claim dead so that she can refinance. my concern is that the quit clain deed does not take my name off the mortgage, and i lose all my interest. so if for some reason she is not able to refinance then i will still be liable for the mortgage and she can sell the house and i will not receive anything. could you please tell me if i stating the right concern and what are my options, becasue i do want to get rid of the home, but i want my name off and my va loan back. please help me
Posted on: 17th Sep, 2007 01:03 pm
hi tye,

in case, your wife is unable to refinance the loan, then you can do a novation and transfer the mortgage in her name only. by doing a novation, you will be released from your mortgage liabilities. then, it will be your wife’s duty to pay off the mortgage.

you can also do a quitclaim and transfer the property entirely to your wife. your wife will buy out your share of the property in return of an amount of money. but make sure that she does the refinance at the time of quitclaim only. otherwise, if the quitclaim is done earlier, then she may not refinance later after getting over the property.

btw, you have stated that you want your va loan back. but when you sell the house, the outstanding balance of the loan will be satisfied through the sale proceeds only. so, you cannot get va loan back after the sale as the loan was taken against that sold property only.
Posted on: 18th Sep, 2007 03:03 am
when i bought a property my husband signed a quit claim deed. after the closing and recording of everything i decided to include him again in the title. question can i remove him from it and have him sign another quit claim deed, thus indicating no ownership on the property?
Posted on: 25th Oct, 2007 04:37 pm
Hi,

Your husband has to sign the quit claim and remove his name from the deed if he is willing to do so.
Posted on: 26th Oct, 2007 04:51 am
I live in California, my spouse and I are getting a divorce she signed an Interspousal transfer deed when I bought the home. What does this mean, is the house soley mine?
Posted on: 29th Oct, 2007 10:29 am
You have to find out from the deed whether she has transferred the entire property to you or whether it was signed to give up any community interest in the property and granted to you as a separate property.
Posted on: 30th Oct, 2007 04:16 am
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