Phoenix, AZ asked in Real Estate Law for Arizona

Q: Me and my wife are buying a house my credit is not too good the loan is in her name they want me to sign a disclaimer

What does this mean for me do I lose all my real estate rights of this property in the event of a divorce. I'm the one making most of the payment.

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2 Lawyer Answers
Peter H. Westby
Peter H. Westby
Answered
  • Scottsdale, AZ
  • Licensed in Arizona

A: A disclaimer deed is an important document. Use of a disclaimer deed is not unusual when only one spouse obtains the loan to purchase a home. However, in the event of a divorce, it is possible that your investment in this property could be lost. There is a way to prevent this from happening. Once the purchase is completed, it is possible to prepare and sign a new deed transferring title to both spouses. If this is of interest to you and your wife, you should discuss this with a real estate attorney once your home purchase is completed. Your attorney will learn the facts of your situation and advise you as to what may be most appropriate.

Neal Bookspan
Neal Bookspan
Answered
  • Phoenix, AZ
  • Licensed in Arizona

A: The prior response is correct. This occurs where one spouse has bad credit. Once the sale goes through your wife can (or not) deed the home into both of your names.

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