Q: can a divorcing spouse sign a quitclaim deed to give up interest in property the other spouse is buying?
Wife is wanting to buy a home with a seller carry and husband says he'll sign a contract giving up interest in the purchase. Would that work and would it be a contract or a quitclaim deed and would that be recognized as legal during the final divorce? If they are legally separated, does that help?
A:
A quit claim deed will work but it is better to sign a disclaimer deed and sign and file a "Rule 69 Agreement" with the Court, stating that the spouse who is relinquishing ownership will have no liability whatsoever regarding the loan.
If you need further assistance, you should consult with an experienced family law attorney.
A: This can be done. A disclaimer deed would be a good choice. A quitclaim deed may work. Since wife is buying property as her sole and separate property, she should have her attorney assist with this transaction and she may want to consult her title company to see what instrument they need in order to insure title.
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