Home Buying in 90806>Question Details

Jose, Home Buyer in Long Beach, CA

WHAT IS A QUIT CLAIM DEED?

Asked by Jose, Long Beach, CA Sat May 26, 2012

THE VESTING WORK SHEET ASKS TO PRINT THE NAME OF SPOUSE OF PARTNER WHO WILL BE EXECUTING THE QUITCLAIM DEED, I AM BUYING A HOUSE WITH MY BROTHER IN LAW HOWEVER MY WIFE IS NOT IN THE LOAN EITHER IN DEED, WHAT NAME SHOULD ID WRITE

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9
Hi Jose,

Since California is a community property state, if you are married, you and your spouse own everything equally, and she would be entitled to 50% of any real estate you own, even if you buy it by yourself and she is not on the loan. Because of this, the lender will require her to sign off and give up any interest or claim she has in the property - she does this by signing the quitclaim deed, which will transfer any interest she has in the property to you, and you would then own it as your "sole and separate" property. To answer your question about the vesting worksheet, you would put your wife's full name she will be the one executing the deed.

Hope this helps - good luck with your purchase!

John Barry, Realtor
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
1 vote Thank Flag Link Sat May 26, 2012
"A quitclaim deed is a document prepared by an attorney by which a person can transfer his interest in a house, mobile home that has been permanently placed or any other form the real estate may take to another person.

By giving such a deed, the person is simply transferring his interest in the property and is making no claim as to the interest another person may have in property. A quitclaim deed does not guarantee that the property is free of debt."

Read more: What Is a Quit Claim Deed? | eHow.com http://www.ehow.com/about_4600361_what-quit-claim-deed.html#…
1 vote Thank Flag Link Sat May 26, 2012
This is an explanation that I found online. Best of luck

quitclaim deed




A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing claim to transfer to the recipient/grantee.
0 votes Thank Flag Link Sat Aug 16, 2014
Jose . . . first off, don't give anyone your deed. That's sorta like giving someone the pink slip to your car, or maybe even the keys. In California you'd give the deed to a third party, like a referee. We call that an escrow company, but a lot of states use an attorney instead. You give the deed to the attorney and the buyer gives the funds to the attorney and the attorney acts on everyone's behalf.
0 votes Thank Flag Link Thu Aug 7, 2014
I am selling a mobile home & lot in Arkansas. I have a buyer wanting to do a quick deed, I am not familiar with this kind of transaction. The buyer has said he would take the deed to his bank & use the deed as collateral to secure the loan. Would you please let me know how this process would work?
0 votes Thank Flag Link Tue Jun 24, 2014
Jose,
A quit claim deed is a legal paper that clears title to a property. It is used to both add persons to title and to take them off of title or to keep them off of title. In this case, the lender is requesting that your spouse execute a quit claim deed stating that she has no legal interest in the property that you are purchasing with your brother-in-law.

The name that needs to go on the quit claim deed is your wife's legal name. The quit claim deed will need to be notarized so be sure that the name you provide is also the name that is on your wife's driver's license, passport, or whatever legal document she will be providing to prove her identity to the notary. For example, if her driver's licenses states Susan Jones, then use "Susan Jones." If her license states Susan S. Jones, then use "Susan S. Jones." Do NOT use Susan S. Jones if her license states Susan Jones as the notary will not be able to confirm the middle initial from the license.

Good luck with your transaction.

Gene Scott
Realtor and Mortgage Officer
ERA Buy America Real Estate Services
562-212-2345
0 votes Thank Flag Link Mon May 28, 2012
Hello Jose,

A Quit CLaim is just what the name implies. It is a document signed by a party who could otherwise have an interest in a piece of real property in where said party is giving up any claim to the property.

Unless your wife signs the quit claim, she will have an interest in the home, (50%) of your ownership in the home.

In California any property purchased by either spouse during the marriage is community property. It does not matter if your wife is on the loan or if you put her on the title.

Best of luck to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Mon May 28, 2012
I agree. You are married and you want to purchase a home without your wife. So the lender and title insurance want to confirm that everyone with a possible interest in this home know and agree with what you are doing. Your wife would own 50% (of your portion), due to Ca being a community property state, unless she signs the Quit Claim Deed.
Your Escrow Officer will do this for you. They will draft up the document with your wife's name and she will need to sign it with a Notary. I do not know why you would need an attorney for this, unless there is some dispute or you like to spend money.
0 votes Thank Flag Link Sun May 27, 2012
Simply put, a quitclaim deed is a document by which a person releases their interest with no warranty. It's the easiest way to let go of a property without remuneration if that's what you want.
0 votes Thank Flag Link Sun May 27, 2012
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