QUESTION
I am refinancing my home. I purchased the home prior to being married and the prior documents list me as a single man.
Asked on Aug 11th, 2012 on Real Estate - Nevada
More details to this question:
I am now refinancing the home as a married man. The new deed/title and associated documents do not include my wife''s name, however the loan will require my wife to sign a quitclaim deed. My wife and I live in this house in the state of Nevada.
What is the purpose of this document? Will this quitclaim deed provide any recourse for the lender to go after my wife, even though her name is not on the deed and or title?
Scott
1 ANSWER
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Nevada is a community property state so if the property is community property then both spouses must sign the deed of trust. In your case, the property is not community property because you owned it prior to the marriage and have not deeded your wife an interest in it. The bank wants the quitclaim deed to be absolutely sure the house is not community property. The quitclaim does not provide recourse against your wife, it does the opposite.
Answered on Aug 12th, 2012 at 7:23 PM