Home Selling in Horn Lake>Question Details

Ginger Moral…, Home Buyer in Horn Lake, MS

My ex-husband and I have a a home in mississippi and thru the divorce I rec. possession but his name was to

Asked by Ginger Morales, Horn Lake, MS Tue Nov 27, 2007

remain on the house until it was sold. I have now been in the house for a total of 13 years and 7 of these years by myself paying mortgage, taxes and insurance and upkeep. Now I heard that if you live in a property soley longer than you lived in that property as joint then you can have full possession without giving any equity to the other party and he will have to sign over the home to me. The reason I am asking is because he said he would quick deed the house over to me for $5000.00.

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7
Wow, Quick Deed for $5000.oo sounds great! However, that court decree thing would bother me.
I would seek the advice of an attorney.
0 votes Thank Flag Link Wed Jul 16, 2008
Make sure you carry your divorce papers with you when you go see an attorney. I have a good feeling that all the rules will lie there in what is suppose to happen to the house.
0 votes Thank Flag Link Wed Jul 16, 2008
Hello Ginger
If your original arrangement in your property settlement required that you leave your husband's name on the property deed, and if the value of the equity at that time was $5000...then you can easily arrange a transaction to have him sign a quit claim deed so that he is no longer on the deed. I guess it will really depend mostly on the value of the home's equity at the time of your divorce and what it is worth to you to get his name off of the deed. If the equity was not worth that much, then maybe he is willing to negotiate. In any case, you will need to consult an attorney regarding length of time in a home vs a divorce property settlement's requirements.
my best
Connie
0 votes Thank Flag Link Tue May 13, 2008
Call a Real Estate Attorney, there are many around!!
It is best to get it from the horses mouth, instead of "if's or maybe's." Then you would know for sure.

Thank you,
Amy
0 votes Thank Flag Link Thu May 8, 2008
Ginger
Thank you for your question.

We are not attorneys. IMHO you are asking legal advice. I would consult with an attorney and I would pose the question as openly as possible. Something like, "I live in a home that I purchased with my ex-husband 13 years ago. I plan to remain in the home for the foreseeable future.

"My ex has asked me to give him $5,000 for him to quitclaim his interest to me. What are my options? What should I be concerned about?"

My concern is that the quitclaim potentially may cause issues in the eventual sale of the property. Also, how did he arrive at the $5,000 figure? Is that a fair price?

Best of luck to you!
Keith
0 votes Thank Flag Link Tue Nov 27, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
well, i think that this is a great question for your attorney. this one is beyond the boundries of our license. so sorry but if you like you could give our closing attorney a call....her name is shannon williams and her office number is 662-895-9000. she is located in the snowden grove complex next to mesquite chop house in southaven. good luck!

ricky lewis
keller williams realty
Web Reference: http://www.mydesotohome.com
0 votes Thank Flag Link Tue Nov 27, 2007
I would quick deed for the $5000.00...after I first talk to an attorney licensed in Mississippi...Miss law can be quirky with issues such as these, for periods of time over 5 yrs....

The problem may arise that you pay an attorney $10K to not pay the $5K.....so the $5K maybe a good alternative...so really, first off go see a REAL ESTATE attorney for an initial consultation who can best advise you.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Tue Nov 27, 2007
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