If you are looking to transfer real estate between husband and wife, our inter-spousal transfer grant deed template will help you do so quickly.
What You Should Know Before Using Our Inter-spousal Transfer Grant Deed Template
An inter-spousal transfer grant deed focuses on transferring real estate between a married couple and is most useful to:
- Transfer property to your ex-spouse in a divorce settlement
- Remove your husband or wife from the property title
- Add your husband or wife to the property title as a co-owner
What makes this document useful for married couples are the tax benefits that it offers. Under Section 63 of the California Revenue and Taxation Code, transferring real estate between couples with this type of deed is not considered a change of ownership. Thus, there is no property reappraisal or taxation involved.
This document offers a lot of benefits for both parties that use it. However, there is one potential negative associated with this document.
You remove your name from the property when transferring the property to your spouse. However, you are still responsible if they fail to make mortgage or tax payments on the property. To avoid this potential risk, you must get your spouse to refinance the property in their own name. This way all ties that you had with the property are completely gone. This may seem like an easy fix. However, if the spouse receiving the property does not make enough income or has a checkered credit history, it may be difficult to find lenders who will offer loans at reasonable interest rates.
Use our inter-spousal transfer grant deed template to quickly and easily create a document that allows you to take a real property that you currently own and transfer it to your current spouse with no taxation involved.