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Quitclaim Consideration

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atlantianferret

Junior Member
What is the name of your state (only U.S. law)? Virginia

My wife and I are going through a somewhat amicable divorce. We decided it was best if I just took over the mortgage and the house. My question is what do I list for Consideration in the quitclaim? My understanding is you have to list some value and just a dollar does not hold up in court if it is challenged.

Thank you for your time.
 


Ohiogal

Queen Bee
What is the name of your state (only U.S. law)? Virginia

My wife and I are going through a somewhat amicable divorce. We decided it was best if I just took over the mortgage and the house. My question is what do I list for Consideration in the quitclaim? My understanding is you have to list some value and just a dollar does not hold up in court if it is challenged.

Thank you for your time.
She shouldn't quit claim the house until you refinance the mortgage. Seriously. I would advise her to sign the quit claim when you refinance and not a moment before. And you really need to have a professional right the quit claim deed. Also, if she quit claims her portion to you and you don't refinance, the mortgagor can call the entire mortgage due IN FULL immediately.
 

FlyingRon

Senior Member
I think that the due-on-sale is federally preempted in this case, but anyhow, at least in Fairfax County, all you do is bring in the divorce paperwork with the deed and they mark some code on it indicating it was part of the divorce settlement.
 

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