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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 Tina,

Welcome to our forums.

If your husband states that he will not be able to do any transaction without your signature then I don't understand why he's asking you to release your interest in property.

For any property related transaction, your signature will be needed only if you are on the title. But what your husband is saying and what he's asking you to do is totally contradictory. By the way, do you stay in a community property? what is the name of your state? and moreover, is your name on the title?

In case of community property, spouse does not have interest in property which is acquired before marriage.
Posted on: 04th Mar, 2008 01:46 am
If you signed a quit claim form, will you have entitlment to your share of intrest in the property if your name is still on the home owners insurance?
Posted on: 06th Mar, 2008 01:32 pm
Hi TAM,

Welcome to the forum.

It actually depends on how you structure the deed. If you quitclaim to you and someone else then you will have an interest on that property. That means you are signing the deed as a grantor and the grantee is you and someone else. This is done primarily to add someone in the deed.

But if you quitclaim only to someone else then you will have no interest on that property even if your name is still on the home owners insurance.

Hope it is clear to you.

Feel free to ask if you have any further questions.

Best of luck,
Larry
Posted on: 06th Mar, 2008 01:41 pm
i'm divorced,and my ex is going to sell the house. but wants me and my present wife to sign a quit claim deed. if i sign this do i give up all right to the property
Posted on: 08th Apr, 2008 05:12 pm
hi fred,

welcome to the forum.

if you quitclaim the property to your ex that means you have transferred the property to your ex.

btw is it a mortgaged property? if so then ask her to refinance the mortgage on her name only. otherwise you will still be on the mortgage and after the sale if there is any due on the mortgage you will also be responsible for that.

feel free to ask if you have any further questions.

best of luck,
larry
Posted on: 09th Apr, 2008 02:15 am
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