Posted on: 31st Jul, 2007 06:44 pm
Hello. Is it feasible to do a quit claim to buy out a spouse in a divorce settlement? We would not sell yet because of the downturn in the market.
lisa, you can use a quit claim deed to get ownership from your spouse. if you are getting fair value for the house then it will be a good option to choose. but is there a mortgage debt on the house? if so, then consider if you would be able to make the monthly payments before going for the buy out.
miller
miller
Hi Lisa,
You can possibly use a quitclaim deed to buy out your spouse's share of property. Now it all depends on your divorce settlement. If it is stated that you would be getting the entire share, then there is no problem in buying him out. But if both of your shares are there, then it might be a problem for you. In that case you have to talk to your spouse and negotiate with him regarding his share.
You can possibly use a quitclaim deed to buy out your spouse's share of property. Now it all depends on your divorce settlement. If it is stated that you would be getting the entire share, then there is no problem in buying him out. But if both of your shares are there, then it might be a problem for you. In that case you have to talk to your spouse and negotiate with him regarding his share.
You should ascertain the market value of the house and whether spouse is asking for a higher value than his actual share in the house. Is the house free and clear or there is a mortgage still unpaid?