Quitclaim deed

[Ronald Neff]

North Dallas/TX

Ex wife wants her name off the property, obviously due to divorce.
Refinancing is not a viable option at this time, due to credit problems.
Sale of the home is the last resort.

How does a "quitclaims deed" work?

Over the past three years I have been making monthly payments to her to cover the divorce decree obligation her 1/2 of equity value. As the property appraisals increase in the area she is continually readjusting the equity value.
I have already sent a petition to the county appraisers regarding the estimated appraisal value of the home. The home is not up to "snuff" as several major problems need to be corrected to bring it up to stated appraisal value.

Some advise on how the quitclaims deed works, would help in making decisions regarding my situation.

Thanks,

 

[HomeGuru]

North Dallas/TX

Ex wife wants her name off the property, obviously due to divorce.
Refinancing is not a viable option at this time, due to credit problems.
Sale of the home is the last resort.

How does a "quitclaims deed" work?

Over the past three years I have been making monthly payments to her to cover the divorce decree obligation her 1/2 of equity value. As the property appraisals increase in the area she is continually readjusting the equity value.
I have already sent a petition to the county appraisers regarding the estimated appraisal value of the home. The home is not up to "snuff" as several major problems need to be corrected to bring it up to stated appraisal value.

Some advise on how the quitclaims deed works, would help in making decisions regarding my situation.

Thanks,

**A: please explain how your understanding of how a quit claim deed works will help you in making decisions regarding your situation.
It appears that your only option is to sell the property.

 

[Ronald Neff]

definition

According to the ex, by agreeing to the equity amount, making payoff to her at this time (1/2 of equity value was to be hers 5 years after the divorce, time period was negotiated due to the fact I had custody of minor child), then filing the quit claims deed "for her" her name will no longer be associated with the real property.

If this were the case, my obligation to her would be fulfilled, and she would have her name off.

Is this not how the quit claims deed works?

Ron

 

[HomeGuru]

Re: definition

According to the ex, by agreeing to the equity amount, making payoff to her at this time (1/2 of equity value was to be hers 5 years after the divorce, time period was negotiated due to the fact I had custody of minor child), then filing the quit claims deed "for her" her name will no longer be associated with the real property.

If this were the case, my obligation to her would be fulfilled, and she would have her name off.

Is this not how the quit claims deed works?

Ron

**A: now I am even more confused than before. Please do a search on this website and see if it can help you clear things up. Search words quit claim deed.

 

[Ronald Neff]

quote from legal description this site

Quitclaim Deed - A quit claim deed conveys to the grantee and the grantee's heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are "convey and quit claim." There are no warranties of title.

Does this not state that upon obligatory fee payment, the rights are solely placed on the grantee (myself).

The claim form states:

WITNESSETH: that....the FIRST PARTY (exwife), for and in consideration of the sme of $XXXXXX in hand paid by the said SECOND PARTY (myself), the receipt whereof is hereby acknowledged, does hereby remise, release and quitclaim unto the SECOND PARTY, all right, title, interest, and claim which the FIRST PARTY has in and to the following property more particularly described hereof,....

I may be way off base, but that is what I understand. Please, tell me if I am wrong.

Ron

 

[I AM ALWAYS LIABLE]

Re: quote from legal description this site

Quitclaim Deed - A quit claim deed conveys to the grantee and the grantee's heirs and assigns in fee all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. An example of operative words of conveyance are "convey and quit claim." There are no warranties of title.

Does this not state that upon obligatory fee payment, the rights are solely placed on the grantee (myself).

The claim form states:

WITNESSETH: that....the FIRST PARTY (exwife), for and in consideration of the sme of $XXXXXX in hand paid by the said SECOND PARTY (myself), the receipt whereof is hereby acknowledged, does hereby remise, release and quitclaim unto the SECOND PARTY, all right, title, interest, and claim which the FIRST PARTY has in and to the following property more particularly described hereof,....

I may be way off base, but that is what I understand. Please, tell me if I am wrong.

Ron

My response:

You are absolutely correct. By paying her, and signing the Quit Claim Deed, she will in fact, give up all "right and title" to the house.

However, there's one other person that's involved in the issue that a Quit Claim Deed does not affect. That's the Mortgagor - - the THIRD PARTY.

Remember, the mortgagor has a contract that requires you and your wife to make payments. The Quit Claim Deed DOES NOT extinguish or set aside the mortgagor's contract. Therefore, and despite the fact that she might sign a Quit Claim Deed, she would continue to be on the hook for the mortgage payments, just like you would still be on the hook.

Which brings us back to HomeGuru's response - - that since neither of you will be released from the mortgage contract, and since neither of you are willing or able to refinance the house, the only alternative is to sell it and to divide the equity.

IAAL

 

[Ronald Neff]

Thanks!

That is what I was looking for. As the mortgage company IS the third party in this, I was confused as to how it would affect the situation.

THANKS SO MUCH FOR THE CLARIFICATION!!!

You guys are the greatest.

 

[I AM ALWAYS LIABLE]

Re: Thanks!

You guys are the greatest.

My response:

We know. Collectively, the contributors to this site are a "tour de force" in law. So, don't screw with us !

(I'm too sexy for my shirt, too sexy for my pants, too sexy . . .)

IAAL

 

[HomeGuru]

I like that, Tour de force name.

signed,

2 sexy too