If she signs the quit claim deed, are we all done?

[semidevil1]

What is the name of your state (only U.S. law)? OK

The ex-wife has finally decided to give me the house. I forwarded a copy of the quit claim deed that my title company sent to me.

Some things I want to be clear on:

- Once she signs the quit claim deed, she gives away all interest of the house. So when I sell the house, any profits that I make, she will not be able to claim right?

- Even though she signs the quit claim deed, her name is still on the mortgage because we did not refinance to my name. When I sell the house, doe she still need to sign for anything or is she completely out of the picture.

 

[LdiJ]

What is the name of your state (only U.S. law)? OK

The ex-wife has finally decided to give me the house. I forwarded a copy of the quit claim deed that my title company sent to me.

Some things I want to be clear on:

- Once she signs the quit claim deed, she gives away all interest of the house. So when I sell the house, any profits that I make, she will not be able to claim right?

- Even though she signs the quit claim deed, her name is still on the mortgage because we did not refinance to my name. When I sell the house, doe she still need to sign for anything or is she completely out of the picture.

If she gives you a quit claim deed anytime other than at the closing table for your refinance of the home into your own name, then she is being a huge idiot.

If your divorce decree entitles her to any portion of the equity in the home, then the divorce decree still stands even if she gives you a quit claim deed. Otherwise, you would need more than just a quit claim deed, you would need an agreement, signed off on by a judge...or at least a properly drawn up contract.

In other words, a quit claim deed, by itself, is not necessarily a "cure all" for your situation.

 

[JETX]

Once she signs the quit claim deed, she gives away all interest of the house. So when I sell the house, any profits that I make, she will not be able to claim right?

Depends. Is there any other document where she waives any rights to EQUITY in the property from the time of ownership??
If not, you should get one.

Even though she signs the quit claim deed, her name is still on the mortgage because we did not refinance to my name. When I sell the house, doe she still need to sign for anything or is she completely out of the picture.

Depending on the title company requirements, you MIGHT have to have her signature on the mortgage release, etc.

 

[semidevil1]

Depends. Is there any other document where she waives any rights to EQUITY in the property from the time of ownership??
If not, you should get one.


Depending on the title company requirements, you MIGHT have to have her signature on the mortgage release, etc.

On the decree, it says the following:
=================================

C. As his equitable divisions of the parties martial assets, Respondent will be awarded all the parties right, title and/or interest in the following property, to wit: his personal effects and possessions, including but not limited to the property he owned before marriage, and all personal property now in his posession; the marital home, subject to indebtedness,located at (my home address is listed).

D. As his equitable division of the parties marital debts, Respondent will be ordered to pay, and to indemnify and hold petitioner harmless from all claim, loss, demand, and liability from, the following marital, debts, to wit: the mortgage on the marital home and any other debt owed by an in respondent's name only.
=========================
Does this say anything?

 

[LdiJ]

On the decree, it says the following:
=================================

C. As his equitable divisions of the parties martial assets, Respondent will be awarded all the parties right, title and/or interest in the following property, to wit: his personal effects and possessions, including but not limited to the property he owned before marriage, and all personal property now in his posession; the marital home, subject to indebtedness,located at (my home address is listed).

D. As his equitable division of the parties marital debts, Respondent will be ordered to pay, and to indemnify and hold petitioner harmless from all claim, loss, demand, and liability from, the following marital, debts, to wit: the mortgage on the marital home and any other debt owed by an in respondent's name only.
=========================
Does this say anything?

In regards to the home, it says that you get the home and you are responsible for the mortgage on the home.

It does not require her to give you a quit claim deed prior to you refinancing the home into your own name, and again, she would be a fool to give you that prior to a refinancing or a sale that guarantees that she won't be stuck, creditwise, in a short sale.

It also doesn't guarantee that she wouldn't have to sign any documentation at a refinance or sale.

 

[JETX]

Does this say anything?

Not really. The family court order has NO impact on the mortgage obligations by either party.

 

[Golfball]

If she gives you a quit claim deed anytime other than at the closing table for your refinance of the home into your own name, then she is being a huge idiot.

There are possible reasons why signing a QC deed prior to a refinance/sale might be a good idea. Well, definitely not good, but the lesser of two evils.

For example, if the money from the home equity is required by the party QC'ing the house now, rather than several months down the road when the property sells.

Or if failing to QC the house could cause the QC'ing party to run afoul of indemnification clauses.

 

[JETX]

There are possible reasons why signing a QC deed prior to a refinance/sale might be a good idea. Well, definitely not good, but the lesser of two evils.

Wonderful post.
Problem is... it has absolutely NOTHING to do with this thread.

 

[semidevil1]

In regards to the home, it says that you get the home and you are responsible for the mortgage on the home.

It does not require her to give you a quit claim deed prior to you refinancing the home into your own name, and again, she would be a fool to give you that prior to a refinancing or a sale that guarantees that she won't be stuck, creditwise, in a short sale.

It also doesn't guarantee that she wouldn't have to sign any documentation at a refinance or sale.

well, she's willing to give me the quit claim deed because she doesn't want to be responsible for the home. My concern is that with this in the decree, and also on the quit claim deed, is the house legally mine only, even though her name is on the mortgage?

My plan is that once she signs the deed, I want to go ahead and try to sell the home, and pocket any profit. I will not refinance because adding to the closing costs does not help.

 

[mistoffolees]

well, she's willing to give me the quit claim deed because she doesn't want to be responsible for the home. My concern is that with this in the decree, and also on the quit claim deed, is the house legally mine only, even though her name is on the mortgage?

My plan is that once she signs the deed, I want to go ahead and try to sell the home, and pocket any profit. I will not refinance because adding to the closing costs does not help.

If she signs a quit claim deed, it all comes down to what the divorce decree says. If the decree says you have to give her a percentage of the home's equity, you have to do so even if the home is sold.

Her name on the mortgage shouldn't prevent a sale - as long as the home sells for enough to pay off the mortgage. You come to the closing table with the quit claim deed and sell the house. The bank which holds the mortgage gets a check and you get whatever's left.

Note one caveat. If you don't sell the house, both of you still have an obligation to the mortgage bank. If you refuse to pay it, she would have to pay it, but she could then sue you for the payment as well as legal expenses to recover, so I don't recommend that you stop paying. The point is that none of this changes the mortgage obligations. Only when the loan is paid off do those obligations go away.

 

[Golfball]

well, she's willing to give me the quit claim deed because she doesn't want to be responsible for the home. My concern is that with this in the decree, and also on the quit claim deed, is the house legally mine only, even though her name is on the mortgage?

My plan is that once she signs the deed, I want to go ahead and try to sell the home, and pocket any profit. I will not refinance because adding to the closing costs does not help.

The QC deed will do jack and squat towards mitigating your STBX's financial liability/responsibility for the home. And Jack left town. Your name is on the mortgage and your STBX's name is on the mortgage, until that mortgage is paid off or written off.

The QC deed will remove any interest your STBX has in the house. However, if you are bound to give her monies from the sale of the house, that obligation is not altered. (The QC deed might alter inheritance of the house should one of you croak.)

That being said, unless there are some strong mitigating circumstances, any competent advisor advising your STBX would advise against your STBX signing the QC deed until a sale & closure of said sale are imminent.