Legal Question in Real Estate Law in Pennsylvania
transfer deed for $1 only no profit
Wife would like to sign her half ownership of home to spouse, not for profit, ie for $1.
Objective to remove name from deed and relinquish ownership fully to husband . Husband is contesting divorce, sale of home, wife would like to move out of home and be relieved of responsibility of home, while husband desires to stay in home and assume responsibility of home, mortgage.
A home equity loan also jointly owed, how would this be affected?
Is this feasible, possible and how would this be accomplished?
2 Answers from Attorneys
Re: transfer deed for $1 only no profit
Transfering the house to the husband will not relieve the wife from responsibiliy on the mortgage or the home equity loans unless the banks specifically releases her from liability. As a matter of fact, transferring the property subject to the mortgage may constitute a default if the mortgage contains a "due on sale clause". I is very unlikelythat the wife will be released by the banks. The only way to do it is for the husband to obtain new financing in his name alone in sufficient amount to pay of the existing mortgage and home equity loan.
Re: transfer deed for $1 only no profit
Wow!
If you signed on the mortgage, transfer of the home
won't release your liabilty if he doesn't pay. Certainly
you can transfer the home, but if you're getting
a divorce, your marital assets should be fairly divided. If there's no
equity in the home and you just want out, have him
refinance it and get your name off the mortgage, assuming
there are no other special circumstances. simple
questions with complex answers and possibly
many effects. you should speak with an attorney.
good luck.
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