What is the best way to transfer title of real estate in a divorce?
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What is the best way to transfer title of real estate in a divorce?
I am going through a divorce. The house is in his name but we have agreed that the home will be mine. Does it matter when quick deed is completed? Should quick deed happen before or after divorce? Will I pay less fees if the transfer happens while we are still legally considered married? Also, the home was purchased under his name to be eligible for $8000 tax credit. What happens to credit if quick deed is completed? Will I keep the $8000 if quick deed happens while we are married as opposed to afterwards?
Asked on August 17, 2010 under Family Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The fastest deed that people use to transfer property is known as a "quitclaim" deed, which is available in Michigan. The best deed, however, is a "warranty" deed. You should consider having him execute that deed instead. The transfer taxes and filing fees associated with the deed are the same no matter when it is transferred. As for the tax credit, I would consult with an accountant about that as soon as you can. There may be certain conditions associated with it (in face I am sure that there are) and it may not be transferable to you. What about the mortgage? Remember that the bank or mortgage company is not a party to your divorce agreement and is not bound by its terms. You will need to refinance the mortgage in to your name only. See legal help with all of this to make sure that your rights are protected. Good luck.
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