Quick claim deed

[Cross Hair]

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

Even though our dissolution isn't final yet I am ready to buy out my wife's equity in our house, I want to do it now before interest rates go up.

I have clear title (deed) to the house now. Where do we go to get her name taken off the deed? Title company? Real estate office? Bank? Will there be any fee's to get this done?

Without the DRO would she be looking at any tax liability ?

Thanks,
Cross Hair

 

[LdiJ]

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

Even though our dissolution isn't final yet I am ready to buy out my wife's equity in our house, I want to do it now before interest rates go up.

I have clear title (deed) to the house now. Where do we go to get her name taken off the deed? Title company? Real estate office? Bank? Will there be any fee's to get this done?

Without the DRO would she be looking at any tax liability ?

Thanks,
Cross Hair

It should all be able to be handled as part of the closing of the refinance. She will give you a quit claim (not quick claim) deed at closing and the title company will handle everything.

She would not be looking at any tax liability. Marital property settlements are not taxable events, and in any case she would be entitled to a 250k capital gains exclusion anyway.

 

[FlyingRon]

Actually, a special warranty deed is more common for divorce cases around here.

 

[LdiJ]

Actually, a special warranty deed is more common for divorce cases around here.

Nevertheless it can all still take place at closing.

 

[Cross Hair]

I called a local title company and they said they would handle it for $128.00 without a title search, more if we needed to set up an escrow account or do the title search.

Cross Hair

 

[LdiJ]

I called a local title company and they said they would handle it for $128.00 without a title search, more if we needed to set up an escrow account or do the title search.

Cross Hair

If you are refinancing you are going to have to do a full closing and use the title company chosen by the bank. It will be basically the same as when you purchased the house.

In a way, you and she will be selling the home to just you.

 

[Cross Hair]

There won't be a refinance, at this point I am just going to write her a check from the home equity line of credit. If the interest rates start climbing then I may look at a new mortgage.

What is the difference between a quit claim deed and a special warranty deed? Is there an advantage of one over the other?

Thanks