Legal Question in Real Estate Law in Oklahoma

First of all, to define your relationship as a common-law marriage three things must apply. To be legally defined as a comon-law couple the following would apply: 1) the couple must live together as husban and wife [not girlfriend and boyfriend]; 2) intend to get married; and 3) hold themselves out as a married couple. If all three do not apply, you were illadvised to [legally] report this situation and/or relationship to the IRS, as a husband and wife.

If the above do not apply, what you actually executed was a "Tenancy in Common," This is defined as a tenancy by two or more persons, in equal or unequal undivided shares, each person having an equal right to possess the whole property but no rights to survivorship. In this case,you would be looked upon as a "co-signer, not a spouse.

Such a situation would be best remedied using a quitclaim deed also with a morgage agreement release signed by the morgage company,releaser and releasee. A quitclaim deed purports to convey only the grantor's "present" interest in the land or property, if any, rather than the property itself and/or it is a deed that conveys a grantor's complete interest or claim in certain real property but that neither warrants nor professes that the title is valid. In other words it usually excludes any implications that he has good title, or any title at all, so it in no way obligates the grantor. So, a complete surrender must include a morgage release.

Regarding, IRS and the tax credit you must remain in the property for a certain period of time and this is a new federal tax law so we recommend that contact a tax expert regarding question, particularly, if you are not legally married and just co-signers,; not joint signers. .