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Can I Buy a House before my Divorce is Final?
November 8, 2021|Divorce, Estate Planning, Life, Mortgages, Real Estate
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There is no one size fits all on this topic. Getting a divorce is a stressful time as your life is being flipped upside down, and now you might not have a place to call home or a place that you want to stay. Buying a house before divorce is a final is an option, but let's go over the potential issues you can run into.
First, there must be no court-imposed restrictions. Don't just go out and purchase a new property as any money used to purchase a new home may be considered marital assets. You will need to speak with your lawyer to find out if you need court approval to buy a home while divorcing. The Gifford Group can help you during all stages of divorce, as we have relationships with Lawyers, CDFA's, Inspectors, Mediators, Counselors, and more.
Second, getting financing for the new home could be an issue. Make sure you can afford the new mortgage. Without the support of your soon-to-be ex-spouse, your income alone will have to qualify for the new loan. Having to pay or wait to receive child/spousal support could affect your ability to qualify for a new loan. If your debt ratios are too high, you might get rejected. We can connect you with a mortgage broker who will help determine if and what you can qualify for.
Heading into Mediation what do you need to know?
Check out our video on getting a loan during divorce, what is that process?
Third, title companies in community property states will require your spouse to sign and notarize a type of quitclaim deed, disavowing/transferring any acquired interest in the property. When purchasing a new home while still legally married, keep in mind that your spouse will be required to sign a Quitclaim Deed prior to closing. This will allow you to claim sole title to the new property.
What is a Quitclaim Deed?
A quitclaim deed in Texas is a legal way to convey property ownership from one owner to another owner without any warranty or guarantee that the title is clear and free of encumbrances.
Quitclaim: A quitclaim deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid, nor does it contain any warranty or covenants of title. Thus, a quitclaim deed does not establish title in the person holding the deed, but merely passes whatever interest the grantor has in the property.” Diversified, Inc. v. Hall, 23 S.W.3d 403 (Tex. App.–Houston [1st Dist.] 2000, pet. denied).
Find out the 5 People you need during a divorce.
The Risk
Obtaining a quitclaim deed does not remove the spouse from the old mortgage and still leaves the possibility that your credit could get ruined from unpaid loans that your name is still on. Divorce can lead to more debt, lower credit scores and other issues.
For one reason, a quitclaim is not a true deed at all since it is technically not a conveyance It merely “quits” any “claim” by the Grantor to any right, title, and interest that the grantor may have in a certain property if any such interest exists. In this context, the term “quit” is akin to a “release” of any such claim to the recipient of the quitclaim. There is no “grant, sell, and convey” language as there is in a deed, so nothing is conveyed.
Watch our Video, Don't Sign that Special Warranty Deed Yet
Special Warranty Deed Should be used instead.
The Special Warranty Deed, for Spouse Keeping the House, allows the party giving up title to the house (Grantor) to transfer all legal title to the new owner (Grantee). In the Special Warranty Deed, the Grantee gets all of the Grantor's interests in the property. The Grantor no longer has any legal ownership or interest in the property.
If you are the Grantor, bear in mind that the Special Warranty Deed does not change your obligation to the mortgage company.
If you are still on the note, you are still liable for the payments unless the mortgage lender allows a refinance or is willing to take you off the loan. Buyout your Spouse?
How much money can you afford to spend on Housing?
Buying a house while separated in Texas?
We would recommend not purchasing a new house while you are separated as there is no, Separation in Texas, you are either married or you are not. There are no two ways about it.
An upset soon-to-be ex-spouse might make obtaining a quitclaim deed difficult or impossible. You might think of buying a new home in the name of a different family member or friend, but we would advise against it. Buying a new home with marital funds before the divorce is finalized it could be considered community property.
Learn 12 surprising divorce statistics.
Read more about MUD Taxes (FYI, Houston Has the Most MUDs Taxes)
If all those aren't issues, a pre-divorce purchase can be an option. Contact us today to talk about your options on homeownership.
Do you have Equity in your current house and want your spouse to buy out.
Calculate the equity you have by using the Divorce Buyout Calculator.
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Are You Seeking Real Estate Help During Your Divorce?
Real Estate Agents and Lenders That Actually Specialize in Divorce Support
We can help you during all stages of divorce, not just Real Estate, as we have relationships with Lawyers, CDFA's, Inspectors, Mediators, Counselors, and more. We are a local Realtors and Lenders with the knowledge you need. Trust that you will always be working with professionals, and let us support you whenever you need it.
We work with Family Law Attorneys daily.
If you live in the Houston area and are thinking about or going through a divorce, contact us today. We are your Houston Divorce Real Estate experts.
See our Videos on Divorce and Real estate
Does The Gifford Group Only Help With Divorce Situations?
No, we can help with all real estate transactions. While Divorce Real Estate is our primary focus, all real estate transactions come with risks. We help uncover the risks that need to be addressed in almost every transaction. Read our blog.
Also, Check our New book, Two Roads, One Journey: Navigating Divorce Through God’s Grace - Divorce is more than an ending—it's a new beginning. Amber and Scotty share their inspiring journeys of faith and healing, offering hope and guidance to transform this challenging season into an opportunity for personal growth.
Even though you are not going through a divorce, it does not mean that our Network of experts is any less valuable to you.
We help with all transactions, selling a home and buying a home.
Looking to purchase or refinance your home, we can do that too!
We are The Gifford Group, We are real estate agents.
Have Katy Real estate Covered.
We can assist you if you are looking for a home.
Who Keeps the House in a Divorce in Texas? Who Has to Leave the House in a Divorce
Even a judge cannot alter a decision made by the husband and wife in mediation about who keeps the house.
But even if you get a divorce decree or a mediation order, it doesn't mean everything is decided about the house. While the divorce decree says who gets the house, it does not legally transfer the property.
We are divorce lending specialists with over 20 years of proven experience helping clients who are going through a divorce with their mortgage needs.
So, you need to make sure the property is solely in your name, or you may have trouble selling it in the future. What is Community property vs Separate property?
In addition to providing answers to questions about the home, our team is here to help you discover potential unknowns that might not have been apparent. We are here to assist you in making informed decisions about your home and help uncover areas of risk you might not know.
How to Buy your Ex Out of the House?
This divorce buyout calculator can give you an idea of how much equity you have to divide with your spouse. We can help determine how to calculate buying someone out of a house? How do I give my spouse equity in a divorce?
This will help you answer the question like, Can I keep the house or should we sell it? Can I Buy out my ex-spouse's Equity?
This Buyout Calculator can calculate three different scenarios and how much equity will be available to split in each case.
refinance divorce buyout
The divorce process can make real estate even more complicated. It is our goal to provide the answers to common questions, such as, What is my House worth?
Have you been court ordered sale of the house in a divorce?
Divorce Real Estate is our primary focus. We help uncover the risks that need to be addressed in almost every transaction.
We are local Houston Real Estate Agents and Lenders that specialize in divorce. There are several options that spouses need to consider when deciding on what to do with the family house.
Can a judge order you to sell your house?
Yes, this is a possibility. The Gifford Group is here to help you make informed decisions before you get to the point.
Even if the court orders you to sell the house, we can still help you. As a full-service real estate firm, we assist with all transactions, from selling and buying new homes.
Where Do You Turn During a Divorce? Divorce Is One Of The Most Stressful Events In Life.
We have both been through Divorce before, and we can assist you in navigating through the unknowns with the House. We are here to help. Remove the Fear, Learn the Facts. Our experience with divorce means we can assist you in navigating the unknowns. While going through a divorce, choosing a Realtor® is a very important decision. You may ask yourself.
Do I need a Realtor if I am going through a divorce?
The answer is YES, but you do not just want any Realtor, but one that Specializes in Divorce Real Estate.
When you are going through a divorce, your home is one of your largest assets, and you want to stay protected.
We can lead you through the divorce laws in Texas.
Use the Divorce Alimony Calculator below to calculator the total maintenance support you will receive and for how many years?
Divorce Experts in Texas, From The NADP Houston Chapter
Experts In Divorce From The NADP- Our company is a member of the Houston chapter of The National Association of Divorce Professionals. Our monthly meetings include Family Law Attorneys, Divorce Coaches, CDFAs, Lenders, Divorce Real Estate Specialists, and More. There are many great success stories we hear and share about how we are able to help divorcing clients, which is one of the main reasons we are a part of this group. In addition to this, we share referrals to assist clients experiencing difficulties in the divorce process. Second, the goal of NADP is to enable us to gain insight into areas outside of our main areas of expertise by sharing knowledge within the group.
We can provide a free consultation just like Divorce Lawyers in Houston, TX.
Can I keep the House in a Divorce? Compassionate Real Estate Support, Remove the Fear, Learn the Facts
Do you want Divorce Support from Local Lenders and Licensed Realtors? We hold the RCS-D designation - Real Estate Specialist - Divorce and the (CDS) Certified Divorce Specialist designation. We are equipped with valuable divorce-specific information and a customized communications skill set to work with and collaborate on low and high conflict divorce cases.
