property title. Mortgages are conditional legal agreements made for buying a property/home. The lender’s security interest is on record when the title is registered. The mortgagee (lender) may obtain a foreclosure order to take possession if payments of the debt are in default. A property title refers to ownership of that property and the right to use it. A person on the title can transfer ownership to another party, but can’t transfer more than s/he owns. Some divorcing couples use a quitclaim deed, which transfers ownership from one spouse to another, but it doesn’t transfer financial responsibility. One spouse may transfer title of the home to the other; however, this doesn’t free that person from the financial responsibility of the mortgage payment. The loan payments are the responsibility of the parties on the mortgage and an action between those persons doesn’t affect the rights of the mortgagor. To change the names on the mortgage, one spouse must obtain financing to buy out the other. All discussions regarding mortgages, quitclaim deeds, and title of property should be conducted with your legal advisor.
SELLING THE HOUSE
For most couples going through a divorce, selling the house is the best solution. Selling a home under any circumstances takes a great deal of time and effort, so the addition of the emotional stress of divorce can make the task overwhelming.
LEGALITIES
The termination of a marriage requires the division of real property. Marital property belongs to both parties, regardless of whose name is on the title, and each party is entitled to their equitable share. Some couples have a legal agreement beforehand,
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