Legal Question in Real Estate Law in Texas

Transferring co-ownership of a house

I co-signed the purchase of a house two years ago with my girlfriend. We were and are both single. I am about to sign over all papers on the house that have my name on them (mortgage, title, deed). She was recommended the quit claim process.

First, does the quit claim process consider the best financial interests of both parties?

Second, will I be entitled to any reimbursement if the market value of the house has appreciated (as if she were a buyer purchasing my half of ownership from me)?


Asked on 5/11/03, 12:54 pm

2 Answers from Attorneys
Basil Hoyl Law office of Basil Hoyl

Re: Transferring co-ownership of a house

A first consideration is whether you are obligated on the note. Talk to a lawyer in Austin...

http://www.reasonable-doubt.com

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Answered on 5/12/03, 12:51 am
Cheryl Rivera Smith The Smith Law Firm

Re: Transferring co-ownership of a house

Do not use the quit claim process. Your girlfriend will have trouble selling the house later since title companies do not recognize quit claim deeds as a valid conveyance. Also, you may want to contact the loan company and be released of liability of the mortgage. As far as her "buying" your 1/2 interest, all of that is negotiable between the two of you. There are no rules. If you do not otherwise have an attorney, I will gladly provide a free initial consultation.

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Answered on 5/11/03, 2:10 pm


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