i need a quitclaim deed in order for them to approve my refinance of home equity line, can anyone give me your advice?
i have been advised by my potential refinancing lender that i need a
quitclaim deed in order for them to approve my refinance of home
equity line, heres some details.
i bought my home in 1996 and paid it off in 2000.
i married a woman in 2002, now divorced in 2004
her name was never on the house deed property taxes anything except a
home equity line with chase wich we got together in 2003,
i am refinancing to pay off the chase home equity line, and cancel it,
thus canceling her name on it.
the new refinancing bank, recognizes that we are divorced, and i have
provided final divorce paperwork to them, they are ready to approve,
but say that i need a quit claim deed with legal terms they need to be
sure she does not have part ownership of the house.
my ex wife stated she wants nothing to do with the house, it was
fairly clear in the simplified divorce paperwork, but i guess it did
not use the exact terms they needed.
i did some internet searching for quit claim deed, lots of places
selling the forms i need, GREAT! but im not sure wich i need grantor
or grantee? whatever.
i am good with paperwork, as we both managed ot do a simplified
divorce no problem, but the legal wording of the different kinds of
this form are a little confusing.
what type of quit claim deed form do i need to buy?
and do i just need to have it notorized by my wife and me, or do i
need to take it to the county, or is it ok with us signing it?
Usually, a quitclaim runs from grantor to grantee. The grantor is
giving up (quitclaiming) his or her interest in the property to the
grantee.
Some things to watch out for:
Florida has different forms, depending on just who the grantor and
grantee are. You will need professional assistance, at least to
determine who the grantor should be in your situation.
Florida has a considerable stamp (transfer) tax. You don't want to end
up liable for stamp tax on the value of property she didn't actually
own. You will need professional assistance to prepare a deed that
doesn't inadvertently cause you to owe a three- or four-figure stamp
tax bill.
I believe Florida deeds require two witnesses and a notary, and they
must be recorded with the county. Check with a lawyer on this.