QUit claim-spousal rights Hi, My spouse wishes to buy for this parents a home…

QUit claim-spousal rights
Hi, My spouse wishes to buy for this parents a home with his name
& both his sparents name on the titile. The parents are footingthe
downpayment. His name ont eh title makes getting the loan easier.
He wants me to sign an agreement saying I have no right to the
property. Should I do it? I do not feel comfortable doing so.

Please advise.

2 thoughts on “QUit claim-spousal rights Hi, My spouse wishes to buy for this parents a home…

  1. Re: QUit claim-spousal rights
    If you have no claim to property it should be fine, but your situation should be reviewed.

    On the other hand HE and the parents have real reasons not to put his name on it.

    Joel Selik
    Box 1448
    San Diego And Las Vegas, CA 92079

  2. Re: QUit claim-spousal rights
    There is nothing inherently wrong or suspicious about such a request, or about the process or result of a spousal quitclaim. If none of the money is coming from you or your marital community funds, the proposed quitclaim merely recites a fact, that being that you indeed do not have an ownership interest in that house. Quitclaims are used for this purpose all the time.

    You should be aware that the deed and title situation on real estate is a separate issue from obligation to pay on any loan. If your husband, or you and your husband, or you alone, were to become responsible for payments on this house as a result of being co-borrowers or guarantors, you could acquire an interest as principal payments were made. This is called a “pro tanto” interest and results from use of community funds (or your separate funds) to make principal payments. Thus, while the quitclaim would be effective as of the date it was made, you could acquire some interest after the fact in the situation described.

    Perhaps the whole deal between your husband and his parents is part of a well-thought-out, attorney-designed estate plan, perhaps not. If it isn’t, your husband and his folks would be well advised to have some professional input, and if he is being asked to assume some financial liability for the acquired house, maybe he needs separate legal advice as there may be a conflict of interest between parents and son. Finally, if you feel uncomfortable about the deal perhaps you are being under-informed or the deal under-explained and possibly you should get independent legal advice (in person I mean, not via a bulletin board).

    So the quitclaim sounds OK but it may be the tip of an iceberg.

    Bryan Whipple
    Bryan R. R. Whipple, Attorney at Law
    P O Box 318
    Tomales, CA 94971-0318

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