My Husband and I have worked out a Property Settlement Agreement in our divorce. We own a piece of property that we have signed a Land Purchase Contract on. He is the buyer and I am the Seller. Should I sign a Quit Claim Deed to him?
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My Husband and I have worked out a Property Settlement Agreement in our divorce. We own a piece of property that we have signed a Land Purchase Contract on. He is the buyer and I am the Seller. Should I sign a Quit Claim Deed to him?
I don't think so. You should consult an attorney.
No, on a land contract, there is no deed transferred till all the money or other terms are done.
The purpose of purchasing property on a land sales contract is that the seller continues to have title to the property until the contract has been fulfilled. You would lose that protection if you sign a quit claim deed.
And when the contract has been performed, transfer title via a warranty deed. The buyer will have paid good money; he deserves a warranty that you actually own the interest you are selling him. I understand that he now owns an undivided interest in the property, but a deed should specify what interest you are actually conveying to him.
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