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Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 38217
Experience:  Attorney with 17 years experience
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MY husband and I are appearing before a magistrate for a

Customer Question

MY husband and I are appearing before a magistrate for a dissolution of marriage. We have already filed the papers but now need to include an addendum. Originally we were going to sell our home and split the profits. Now, my husband wants us to do an addendum that states that he will retain the property and pay me upon the completion of the refinance. I am fine with this.... but he wants me to sign a Quit Claim Deed before the property is refinanced and before I receive any funds. Is this OK?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Ohio
JA: Has anything been filed or reported?
Customer: We have filed all the original paperwork and are scheduled to appear before the magistrate in a couple of weeks. His lender says that I need to sign the Quit Claim.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No, I don't think so.
Submitted: 2 months ago.
Category: Family Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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but he wants me to sign a Quit Claim Deed before the property is refinanced and before I receive any funds. Is this OK?

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Nope, because then you are not a legal owner of the property any more and if he doesn't get refinanced, you don't have any leverage to force him to sell the property.

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It would be much better for you if you agreed to sign the quitclaim deed at the closing table only if he was getting his refinance closed then. So he goes to the bank, qualifies for a refi, they schedule the closing, you show up and sign the deed over, he signs the refi paperwork and then you are off the current mortgage and Note.

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So you can tell him and the lender that you are happy to sign it at the closing table, or you will not sign at all and ask the judge to order a "partition sale" where the house is sold at public auction to the highest bidder.

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When these things go wrong, the ex ends up with the house in their name, but the debt is in both names, he defaults because he can't afford it and can't refi due to credit, walks away, the house gets foreclosed on and then they sue for any deficiency. Then he files bankruptcy and that leaves you as the only one on the hook for the debt and drags you down into a bankruptcy too.. That is what happens when things aren't planned out correctly..

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thanks

Barrister