Which type if deed is used to transfer a propertyout of a trust?
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Which type if deed is used to transfer a propertyout of a trust?
Divorce situation; property is held in a trust with both parties as trustees. Needs to come out then 1 spouse will quitclaim to the other title to the property. Trust to be dissolved. In CA.
Asked on October 13, 2010 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Generally, transfers of real property in a divorce are done with an Interspousal Transfer Deed. In California there is no transfer tax with this type of deed between spouses or domestic partners. You may want to consider this rather than a quitclaim deed. You did not state if the property was to be refinanced but generally lenders will require that a Grant Deed be prepared to transfer property out of a trust. You should consider speaking with a real estate attorney as to this matter. Also remember that the transfer of property by deed has no impact on the mortgage held on the property. In other words, you will still be jointly responsible for any liens on the property. Make sure that this is considered before transfer. Good luck.
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