Texas - house title ?

[spring2010]

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

Our divorce has been filed and we are working through details. The house title is in both of our names, but the refinanced loan will be in my spouse's name only and he will be staying in the house. It's very expensive for the attorney to do the title transfer and we would like to do it on our own. We will wait for the refi to complete and then I will transfer the title into his name. Attorney has advized if this is the route we want to go, then get it done before the divorce is final so that the final decree can include the agreement.

What I need to know is this - do we need to use an Interspousal Transfer Deed or a Quitclaim Deed to transfer the tile? We will still be legally married when the title transfer takes place.

Thank you

 

[FlyingRon]

The lawyer who advised you to do the transfer upon the refinance gave you sound advice. The bank will probably INSIST on the transfer taking place at the closing. They will not want to fund the loan in your ex's name only while your name is still on the title and of course you don't want to sign until your name is off the note. Further the title company may insist in order to issue the lender's insurance policy (and your soon to be ex-hubby would be well advised for owner's title insurance as well).

Who is handling your settlement on the refi? Usually they can handle preparing and filing the deed. There's no particular advantage to you one way or another. If I was your hubby, I'd rather have the interspousal transfer or some sort of warranty deed).

 

[spring2010]

The loan is already in his name only. We refinanced years ago and he had a better credit rating so we got a better rate that way and my name is not on the current note. This new refi to get cash out for my part of the equity will be in his name only. The bank (Chase) has insisted that my name remain on the title for closing since we are in a community property state and will still be legally married when the refi closes. I will still have community property rights to the house even if I transfer the title, until we are legally divorced.

The divorce is amicable and we are trying to save money where we can. Paying close to $500 for the attorney to do the title transfer seems absurd. So we just want to do that part on our own and my attorney advized me have that donce before the final decree is written. I will look more into the Interspousal Transfer Deed.

 

[mistoffolees]

The loan is already in his name only. We refinanced years ago and he had a better credit rating so we got a better rate that way and my name is not on the current note. This new refi to get cash out for my part of the equity will be in his name only. The bank (Chase) has insisted that my name remain on the title for closing since we are in a community property state and will still be legally married when the refi closes. I will still have community property rights to the house even if I transfer the title, until we are legally divorced.

The divorce is amicable and we are trying to save money where we can. Paying close to $500 for the attorney to do the title transfer seems absurd. So we just want to do that part on our own and my attorney advized me have that donce before the final decree is written. I will look more into the Interspousal Transfer Deed.

If the loan is in his name already and there are no other unresolved issues, you could handle this with a Quit Claim Deed at the time the divorce decree becomes final.