Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Buying & Selling a Home

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 02-18-2001, 03:31 PM
ropiv231
Guest
 
Posts: n/a
Question

I am recently divorced and looking to sell my house and move sometime in the future. In the marital settlement agreement I was awarded the house with the following verbage (names changed to protect the innocent):

". . . EXWIFE transfers to EXHUSBAND as sole and separte property and EXWIFE is divested of all right, title, and interest in and to the following property: House. A house described by street address as 123 Somewhere Ave.; Nowheresville, Illinois, 12345 together with all prepaid insurance. The house has a lien agianst it payable to Bigmoney Funding Associates on loan number 123456. Escrow Funds. All escrow funds held by Bigmoney Funding Associates for payment of insurance and taxes, on the real proberty described above under paragraphs(s) 1. . ."

The mortgage and title are in both my and my exwife's name. My question is do I need to do anything special now, i.e. retitle or some kind of power of attorney, so that when I go to sell the home I will not need any additional signatures from my exwife?

Thank you very much for any guidance!
  #2  
Old 02-18-2001, 03:53 PM
Senior Member
 
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
If there was a transfer of title from her to you, ie. Quit Claim Deed, and the property is now only in your name, you do not need her to sign any closing documents.

According to the divorce decree, she still has liability for the mortgage loan. How is she protected if you fail to make mortgage payments, make them late or do not sell in a reasonable amount of time? Her credit is at risk as well as her ability to borrow from a lender.
  #3  
Old 02-18-2001, 04:08 PM
ropiv231
Guest
 
Posts: n/a
Question

What is a Quit Claim Deed? Can this be obtained now that the divorce is final? The exwife is protected by:
"...Debts to be paid by EXHUSBAND: EXHUSBAND shall pay, as a part of the division of the estate of the parties, the following and indemnify and hold EXWIFE and EXWIFE's property harmless from any failure to so discharge these items: SECURED DEPTS HOUSE. One promissory note payable to the order of Bigmoney Funding Associated laon number 12345. with a ballance of $1. The note is secured by a lien against the house loacted at the street address...." Also she is protected by the fact that I want to protect my credit.
  #4  
Old 02-18-2001, 04:12 PM
Senior Member
 
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Did either you or her have an attorney? The attorney should have advised you as to what to do. A Quit Claim Deed is a deed transferring interest in real property, in your case from her to you. And it can be done now as it is usually completed after the divorce is final.
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 07:57 PM.



IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.

F
reeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.