Legal Question in Real Estate Law in Colorado

Ensuring transfer of interest in Home

I recently purchased a home with my name solely on the title and mortgage note. I'd like to be certain that in Colorado if I should pass my wife would have an ownership option in the home to raise our kids. Do I need to quitclaim her the property or by default will she get the interest option?

Thanks!


Asked on 7/20/06, 6:00 pm

1 Answer from Attorneys
Richard Gee

Re: Ensuring transfer of interest in Home

Assuming you are married at the time of your demise, title to the property would pass to your wife either by will or by intestacy. However, there may be issues with the mortgage in that she is not a debtor on the mortgage. On the other hand, as long as the lender's security for the loan remains intact and your wife agrees to assume any obligations on the mortgage (and keeps current on the mortgage payments) your wife should be able to continue to live on the property.

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Answered on 7/20/06, 6:31 pm


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