Legal Question in Real Estate Law in Maryland
quitclaim deed from husband to wife
My husband wants me to have 100% ownership of our home. We hold title as joint tenants by the entirety. We have a fixed-rate mortgage at 5.5% (no 2nd trust or home equity line). He proposes to give me a quitclaim deed relinquishing all rights to the home. He does not want to be removed from the mortgage or title and we are married - though we have discussed a divorce. If I record the quitclaim deed, can my mortgage company call due the loan? I do not wish to lose my good mortgage rate. Do you see any problems with this arrangement? Thank you!
2 Answers from Attorneys
Re: quitclaim deed from husband to wife
A quitclaim deed will not accomplish what it appears to be sought. A general warranty deed and other documents may be required. Contact an attorney. Joe Holthaus (410) 799-9002
Re: quitclaim deed from husband to wife
As tenants by the entirety, a deed or mortgage executed by one spouse is ineffective without the consent of the other spouse. Your husband will need your consent before executing a quitclaim deed. Even if you give your consent, I would argue that the interest you receive in the property is still marital property. Since you are contemplating divorce, I would execute the conveyance as part of a separation agreement where any property you both agree that any property you receive during separation is your property and not marital property.
Regarding any effect a conveyance of interest made by your husband to you on the mortgage rate, I would consult the finance agreement and the lender regarding the consequences of this type of transfer. If your husband is conveying his interest in the title of the property to you, he cannot claim to have title after the conveyance of title is done.
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