Full question:
What are my rights on property owned, if my wife signed a Quit Claim at time of purchase? Due to bad credit. I would like to sell the house. The Bank required the Quit Claim before loan approval.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: Michigan
Answer:
Your rights regarding the property depend on several factors, including whether your name is on the deed. If you are not named on the deed, you may have limited rights. In cases of co-ownership, there are different types:
Joint Tenancy: If you and your wife own the property as joint tenants, each of you has an equal, undivided interest in the whole property. If one joint tenant dies, the surviving tenant automatically becomes the owner of the entire property. All joint tenants must agree to sell or transfer the property. However, a joint tenant can convey their interest to a third party, which would change the ownership to a tenancy in common.
Tenancy in Common: If the property is owned as tenants in common, each owner has a distinct share and can sell their interest without the consent of the other. Upon the death of a tenant in common, their share goes to their heirs, not automatically to the surviving co-owner.
If you are not on the deed and are going through a divorce, the court will divide the property as it sees fit, considering contributions made by both parties. It’s important to review the specific circumstances and any agreements made at the time of purchase.
For more tailored advice, you may want to consult a legal professional familiar with property law in your state.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.