Estate Law Questions? Ask an Estate Lawyer.
Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! The quit claim deed transfers all of that person's interest over to the person to whom they named on the quit claim deed. If the property was put in a trust, it should be listed in the trust's schedule of assets, and the name of the trust should be on the quit claim deed. Basically a quit claim deed transfers the individual's interest (without warranties) to the person named in the deed. A typical grant deed makes various warranties, whereas a quitclaim deed basically says "any interest I have, and I am not representing what that interest is, is now yours". It's common in divorces and for inherited property.
My husband want's me to sign them for every property he purchases. Is that a bad move on my part? He said we should do that so it will not change my credit in case of a financial issue with the properties.
We are not allowed to give specific legal advice such as advising a party what to do. However, I can tell you that if you sign a quit claim, you will have NO ownership in the property, so I would urge you to speak with a personal attorney that can give you advice as it pertains to the particulars of your situation.
The 50/50 thing will not apply to those properties in a divorce?
Title is controlling, so the courts would likely construe it as a gift if it came down to a divorce. The 50/50 thing applies to community property. If the courts see this as a gift, it would be his separate property.
You are welcome. Here's a brief explanation: http://www.courts.ca.gov/1254.htm - and separate property remains that individual's separate property.
Your help is very much appreciated! :)