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In Ga, a man and woman gets divorced and both receive a 50%

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In Ga, a man and woman gets divorced and both receive a 50% interest in the family home. both other people. the man gets a loan using the property as collateral but the ex-wife naturally must also sign. the 1st wife dies w/o a will. the man refinces the loan, assuming he now owns 100% interest so only he and the new wife must sign and again the property is placed under a lien. the man files for banctrupcy in Oct then dies, without a will in Jan. A potential buyer has the 1st wifes new husband and adult son record a quit claim giving the buyer their mothers 50% interest. Question: as the man never owned 100% is the contract between he and the loan company valid and if his widow signs a Quit claim, what would the legal relationship, if any, then be between the loan company and the buyer?
Submitted: 2 years ago.
Category: Legal
Expert:  Andrea, Esq. replied 2 years ago.
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Assuming that the husband and his first wife held title to the property as husband and wife, the title would be held as "Tenants by the Entirety". Once they were divorced, title was held by them as "Tenants in Common" which has no right of survivorship. Therefore, when the first wife passed away without a will, title to her one-half of the property went to her estate.

The loan which the husband got from the lender is not affected in any way and he still must pay back the loan in full to the lender. The lender's collateral is only one-half of the property since that is only what the husband owned. He could not give the entire property as collateral because he did not own 100% interest in the property.

Someone signing a Quit Claim deed does not give any warranties as to title to the property. The person signing a Quit Claim deed transfers only his/her interest, if any in the property. So, if the person signing the deed has only a 50% interest in the property, that is all that they can transfer to a buyer. If the person has no interest at all in the property, then they cannot transfer any interest in the property.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11851
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Andrea, Esq.
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25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.