Quitclaim deed in CA (mortgage, credit, lender)

[titpom]

Hello
My husband and I are in the process of buying a home for the first time.
The mortgage will be paid by my husband only.

We got a counter offer today with this term:
" If Buyer is married, then prior to opening escrow, Buyer's spouse shall sign all documents agreeing to also be on title or shall sign a quitclaim deed within the first 72 hrs from opening of escrow allowing escrow to proceed in Buyer's name as hi/her sole and separate property"

Since I am not on the mortgage, can I sign all the documents to be also on title? The alternative is the Quitclaim deed. This is what I understand. Because this is not a cash deal and that the property will be payed with a mortgage, which means that the lender will own the title, I am requested to "give up" my claim to the title. Am i understanding this correctly? are there any drawback in me signing a Quitclaim deed?

I hope that someone can help me with this?
thanks!

[chacho_keva]

By signing a Quit Claim Deed, you are essentially surrendering your interest in the property! That is, (God forbid), if for some reason in the future you and your husband part ways, the property is his sole and separate property. You will have no claim to it given that you will have surrendered your "interest" in it by way of the Quit Claim Deed!

Unless there is a clear reason as to why you should abandon your interest in the property, it would behoove you to stay on title for now. A Quit Claim could be signed at a later date if need be.

Here's another thread which I contributed to. You be the judge.

http://www.city-data.com/forum/los-a...ml#post6891230

All the best!

CKV

[titpom]

thanks for your reply, CKV!
In California, community property applies so if I am signing that document this should still apply.
The way I see it, is that the seller is trying to protect himself in ensuring that my husband is not doing a deal without me knowing. The way of ensuring this is either 1) I have my name put on the title (can I do that since I am not involved in the mortgage process?) or 2) sign the quitclaim deed, which is a way of telling the seller that indeed I am aware that my husband is buying a property and that I will not interfere in any way during escrow. This is how we both understand it.
In any case, after closing, we will have a Trust and my name will be added.
Again, thanks for helping!

[ferretkona]

The Quit Claim could stand alone like a pre-nup.
I am assuming you have poor credit if you are wishing to not be on the mortgage. As long as escrow clears it should make no difference. This should be none of the sellers business.

[titpom]

No, I have credit in the mid 700. It is just our choice to do it this way.
In the end, I was able to sign the purchase contract so my name will be on the title.

thanks again!