Legal Question in Real Estate Law in Virginia
Quitclaim or deed of gift?
My husband and I are separated and we are currently in the process of dividing and settling our property. He remained with the house and is trying to refinance the house mortgages (original and home equity) as well as a loan we have for property we jointly own. One of the finance companies informed my husband that we would need to complete a quitclaim deed. When my husband discussed this with a lawyer he said it needs to be a deed of gift. HELP! I confused as to which form to use if either of these!
I've already created a property settlement which stipulates that the house will be sold and that I am to receive half the proceeds of the sale. There are also other parts to the property settlement that are insignificant at this time. Can I incorporate the property settlement with either of these forms that I need to use?
1 Answer from Attorneys
Re: Quitclaim or deed of gift?
Assuming that you and your husband hold title to the marital property by what the law refers to as "tenants by the entireties", the usual manner for one spouse to convey his or her interest to the other is for both to execute a quitclaim deed conveying their jointly held interest to the one spouse intended to take complete title to the property.
And, no, a property settlement agreement would not
be incorporated in such a deed.
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