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    Louffa's Avatar
    Louffa Posts: 2, Reputation: 1
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    #1

    Oct 10, 2008, 09:49 AM
    Quitclaim or deed of gift?
    My husband and I are separated and we are currently in the process of dividing and settling our property. He remained with the house and is trying to refinance the house mortgages (original and home equity) as well as a loan we have for property we jointly own. One of the finance companies informed my husband that we would need to complete a quitclaim deed. When my husband discussed this with a lawyer he said it needs to be a deed of gift. HELP! I confused as to which form to use if either of these!
    I've already created a property settlement which stipulates that the house will be sold and that I am to receive half the proceeds of the sale. There are also other parts to the property settlement that are insignificant at this time. Can I incorporate the property settlement with either of these forms that I need to use?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Oct 10, 2008, 09:52 AM

    Is the house in both your names now? If so, for him to refinance, you would have to quit claim the property to him. In return for doing this, he would sign a property settlement agreeing to pay you half the procceds on the sale of the house.

    Alternatively, you could both sign the refi.
    Louffa's Avatar
    Louffa Posts: 2, Reputation: 1
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    #3

    Oct 10, 2008, 10:06 AM

    Thank you so much Scott! Presently both our names are on the title as well as the mortgages. I've already written a property settlement for the home in which I stated that I would receive half the proceeds from the sale. By writing a quitclaim deed and signing it I'm not jeopardizing my share in the house am I? The quitclaim will not take precedence over the property settlement?
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #4

    Oct 10, 2008, 10:37 AM
    Quote Originally Posted by Louffa View Post
    Thank you so much Scott! Presently both our names are on the title as well as the mortgages. I've already written a property settlement for the home in which I stated that I would receive half the proceeds from the sale. By writing a quitclaim deed and signing it I'm not jeopardizing my share in the house am I? The quitclaim will not take precedence over the property settlement?
    Yes, you are. Without a court-ordered divorce settlement, ordering him to pay you half the proceeds I, personally, would not take my name off that house. Actually, even with a court-order you may still have to take him back to court to enforce it. There's nothing I know of that will trigger 1/2 the money to come to you automatically - except having your name on there. Then they'll need your signature for the sale, so you would know it's happening.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Oct 10, 2008, 10:42 AM
    He has to sign the property settlement and you should specifiy that you will be signing the property over to him in return for half the proceeds from a sale. But that means you will have to follow-up and make sure you know when the sale is made. As mommy said it won't be automatic. You might have to sue him, but with that settlement you would win.


    It might be better for him to buy you out rather than wait for a sale.
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