Posted: Sun Nov 23, 2008 7:42 am Post subject: How to buy interest in marital home.
I have recently divorced. Both my ex-spouse and I are living in the marital home, along with our 2 children (it was not a bitter divorce and we agreed on everything). Because of the housing crisis, we have not had very good luck at selling the home. My mother recently died and left me enough money to buy out his interest in the home. We live in Ohio. Is this process something that we can accomplish on our own, or is there a real necessity to use an attorney? The mortgage is only in my name, the deed is in both names. Would I merely have him just sign a quitclaim deed and pay him his interest, with no need to refinance since his name is not on the mortgage? After this is done I would like to transfer the property into a trust with my children as trustees and beneficiaries, my sister as a trustee, along with myself as grantor and trustee, so that after my death it will make everything easier (this is what my mother had done prior to her death and it made everything easier). Would this Quit Claim allow me to then transfer the property in to the trust or will I have trouble doing this??
As the deed is in both names, it is your ex-spouse who needs to sign a quitclaim deed in your favor. However, as there will be a money transfer involved in this case, its better to either go for a warranty deed or a grant deed. It is always better to take the help of an attorney because, he/she will help you in understanding the legal terms and conditions of the deed. Once the deed is signed, you need to notarize it and record it at the county recorder's office.
I agree with you that there is no need to refinance as the mortgage is in your name. However, you should inform the lender about the ownership change. Yes, you can transfer the property into a trust with the help of a quitclaim deed. I don't think you will be facing any kind of problem.
Posted: Mon Nov 24, 2008 2:32 am Post subject: Additional information on buying interest in marital home
I just looked at my deed. Surprisingly, the deed is a warranty deed and only in my name also. However, does my ex still sign a quit claim deed to me even though he is not on the original deed?
A spouse generally has a community property interest in a residence, by law, even if the spouse is not named in the deed. Is the house part of your divorce settlement? In any event, have the spouse sign a quitclaim deed if you decided to buy the spouse's interest. _________________ This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
Dower interest of exspouse shold have been handled in the divorce. Read your paperwork or, better yet, take along with deed to a title company and ask if they see a cloud on title. More than likely all is OK
majoroscarol
