Interspousal Transfers Versus Quit Claim Deeds | Divorcenet 2024

Interspousal Transfers Versus Quit Claim Deeds | Divorcenet: What You Should Know

A quitclaim deed is a very narrow issue. The key to properly understanding a quitclaim or interspousal transfer deed lies in determining where the property lies and the manner in which it will be divested.   The best way to do it is to look at the entire property, and then determine whether it is located on a plot of land, a building or an individual parcel. On a plot of land,  In short, the goal of the stop-sale transaction is to transfer title and transfer the responsibility to pay the price of the plot in a single transaction, leaving the previous owner and all others having a new “property in process of settlement.” On a building, the focus is on the “legal ownership” of the property. What is most important in a building situation is to take the property into the hands of the person who legally owns it. On an individual parcel, the question is to “seize” the property. This would happen if: The person or persons with the property interests first acquire titles to the property or If titles to the property or interest in the property are transferred within 48 hours. In these cases, the entire property is placed into the possession and control of the person or persons who actually possess it, regardless of where it is located. Once a person or persons with ownership of property (known as an “owner”) “seizes” the property, they are considered the sole and exclusive owner, and they have control. When a property owner or their representative seizes a property, there is a risk that the property might be used or subject to fraud. The risk exists if the property is held by someone who has not “the knowledge or information with which to conduct such real estate.” A person or persons with knowledge of the real estate being held “may acquire title and the responsibility to pay the price” of a parcel. In an example we will examine later in this blog, if an owner seizes the property, if the original owner fails to pay the value of the property, the owner would be liable for all the value. The best way to avoid this outcome is to use a Quitclaim Deed. The key of this strategy is to make the Quitclaim deed as explicit as possible. The document can be drafted as long as it states that the sale or transfer of the property is happening “in conjunction with a voluntary divorce” and by either one spouse after the other.

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