[Tasha1]

My ex-husband is buying me out of the equity in our marital home. He has filled out all of his mortgage papers and is refinancing his loan to pay off the existing loan we held jointly and using the extra money to pay me the equity owed. His mortgage company said his loan is closing on Monday and to finish the loan they need a quit claim deed signed from me over to him. My question is do I give the quit claim deed to the mortgage company at the closing of his loan or do I hold it until I receive the money he owes me? What guarantees I will get paid the money owed me if I have relinquished the right of the property by signing the quit claim deed?

[LisaB4657]

The closing is probably being handled by a title agency or escrow company. You can arrange to have the closing agent hold the signed deed in escrow until the loan has been funded and you have received your money. Ask him or ask the mortgage company who the closing agent will be and contact them directly.

[ScottGem]

Generally, at a closing, all the parties are paid. The bank issues checks to the previous lender. They should have a check for you. If you show up at the closing with the deed, you hand it over when they hand over a check.

[LisaB4657]

Scott, this sounds like a refinance. A refi doesn't get funded until 3 business days after the closing. That's why I suggested that she have the closing agent hold the deed in escrow. The closing won't proceed without the deed but she wouldn't get the money until 3 days later. The closing agent can hold the deed in escrow until the loan is funded and the OP is paid.

[ScottGem]

Hmm, I'm trying to remember my refi about 7 years ago. I don't recall whether checks were distributed or not. If that's the case, then yes you turn ot over to the title agency to hold until the checks are ready.