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Old 02-24-2009, 03:02 PM
 
2 posts, read 65,439 times
Reputation: 15

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Long story, but I want to transfer the title of a home that is in both my husband's name and mine to just him. We are separated, and I want him to have the home. Many reasons...What do I have to do, and what will it cost? He has told me that it would be 5K but that was with refinancing. Can it be done without refinancing?

Lisa
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Old 02-24-2009, 03:31 PM
 
Location: NC High Country
3,868 posts, read 6,673,624 times
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Get a real estate attorney. There should be no need to involve refinancing with a title transfer. Those are two completely unrelated activities. If your estranged husband wants to refinance, you are both better off to wait till the house is in his name only. I would guess that the title should be transferred first, then he would refinance by himself. You DON'T want to have your name on a mortgage for a house that you no longer own. I can't imagine $5 k for a title transfer.

We just bought a home and attorney's fees for closing were well under that. This was in SC, but we've bought homes in NC too and I don't think there's much difference.

Here are total title-related fees for our closing in Dec:
Title search - $315 (buyer)
Title examination - $225 (seller)
Title insurance binder - $100 (buyer)
Title insurance - $510 (buyer)
Document Preparation - ($275 (seller)
Attorney's fee - $395 (buyer)
Misc fees - $80 (mostly buyer)
Recording of deed - $35
Total - $1935
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Old 02-24-2009, 07:16 PM
 
2,653 posts, read 6,097,334 times
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Agree with the above advice--contact a real estate attorney. You can file a quit claim deed to transfer your ownership interest to your spouse, and the filing cost is minimal (it varies based on the number of pages, but somewhere around $15 for the first page and $3 per additional page), but it could end up costing you big money. The sticky part is the financing, assuming the property is still being paid for. The issues are not "completely unrelated" as stated above. The lender made the loan to both of you, and filing a quit claim deed does not erase your interest in the loan. In other words, the lender can still come after you if your spouse defaults on the loan. That's why you would want to refinance in this situation, so the new loan would be in his name only to get you out from under the liability. If you don't do this properly, you could be on the hook for a huge debt with no assets (i.e., the house, because you gave it away) to help offset it. The price of an attorney is peanuts compared to what it could cost you if you don't do it right.
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Old 02-25-2009, 06:44 AM
 
1,492 posts, read 6,965,370 times
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Get a good real estate attorney but what you are seeking is very common.

My daughter deeded (form was found online thru our county's register of deeds site) her property to me and it cost less than 20 bucks- and that went to the register of deeds for filing fees.

Don't refinance! If there is no mortgage now....don't get one. After he owns the property on his own he can debt it all he wants...but remember if you are married the debt is half yours, too.

If there is currently a mortgage, he may have to refinance on his own in conjuction w/ the deed. (this is what my sister did when she divorced and he wanted the house)

Good luck- seek an attorney.
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Old 02-25-2009, 09:58 AM
 
Location: Triad, NC
254 posts, read 826,383 times
Reputation: 124
If you're uncomfortable with doing it without an attorney, then get one. But such expense is unnecessary. Download a Quitclaim Deed template from the internet, fill in the appropriate information, have it notarized and then file it with your county's Register of Deeds.
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Old 02-25-2009, 12:02 PM
 
2,653 posts, read 6,097,334 times
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^ Cohaagen, that's very dangerous advice. As I said, she could be in deep financial doo-doo if she transfers her interest while her name is still on the mortgage.

I actually misspoke in my earlier post--she should contact a divorce attorney rather than a real estate attorney. You are correct that she doesn't necessarily need a real estate attorney to file the quit claim deed--that's the easy part. However, she does need to understand the impact on her liability for paying off the mortgage! If she transfers her interest before the refinancing, and the refinancing subsequently falls through, then she's still on the hook. And most mortgages provide that, in case of default, the full payment is immediately due. If her spouse failed to pay, she'll be getting a nasty letter from the lender, even years after her divorce is final.

A divorce attorney can guide her through the proper steps to ensure this doesn't happen.
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Old 02-25-2009, 02:24 PM
 
Location: Triad, NC
254 posts, read 826,383 times
Reputation: 124
Ah... sorry about that. I was speaking as if there were nothing owed on the home. Helps to read the entire post sometimes.
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