Mrscinsb, Home Buyer in Santa Barbara, CA

Quit Claim

Asked by Mrscinsb, Santa Barbara, CA Thu Feb 5, 2009

If one person (seller) owns a property prior to marriage, sells it after marriage and purchases anotherproperty with the new spouse using the equity from the
recently sold property is it common practice for the equity
company to have the spouse sign a quit claim on the old
property or it something the (seller) requests?

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Answers

3
Kevin Schmid…, Agent, Santa Barbara, CA
Fri Feb 6, 2009
Hello,

As the other 2 agents suggest, I would for sure consult an attorney. Title agents and some accountants can help you out as well but I would go the one step further and talk with a real estate attorney.

Good luck. Let me know if you have any other questions.

take care
0 votes
Michael Barr…, Agent, Irvine, CA
Thu Feb 5, 2009
Hi there Mrscinsb, This is a great question. I would suggest to talk to a real estte attorney on this. A title company could give you good advice but I think a real estate attornney may have more in depth knowledge in this.

If you need a referral for one please drop me an e-mail through my profiile on Trulia or you can jump on my site which is addressed below

Best of Luck
Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Feb 5, 2009
Mrs. C
I am not an attorney, nor a title officer.

I recommend that you ask either a probate attorney and/or a title officer regarding questions you have.

In situations where people own property and then marry, property owned prior to the marriage is not community property (my understanding). However, when that property is sold after you marry, then proceeds from that property (cash) would still be your property.

It sounds to me as though an attorney could advise you on the best way to move forward. it depends what you are trying to accomplish (preserving a separate asset after marriage or combining assets). Perhaps a pre-nuptual agreement would be in order.

As I said, ask an attorney and title professional for competent advice.
0 votes
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