My question involves real estate located in the State of: Florida
Good morning,
I recently reviewed the Warranty Deed prepared by my attorney as part of my divorce proceedings a few years ago. My former husband and I were co-owners on the prior Warranty Deed, as well as joint account holders on the existing mortgage. We agreed that he would transfer our marital home to my sole ownership, thus the new Warranty Deed was issued. In fairness, I gave him a small cash settlement for his share or equity as compensation. I did not refinance the mortgage. I accepted financial responsibility for all payments, insurance, and property taxes which I have upheld.
In hindsight, I am wondering why the attorney did not prepare a Quit Claim Deed. I located an email where her legal assistant explained that the Warranty Deed would have title insurance. That's good, but now that I have learned a Warranty Deed means "free and clear" title, of which there was -- and still is -- a mortgage on the property, how was this possible? I feel somewhat foolish to be questioning my former attorney's actions though. Naturally, they were aware of the mortgage, and that no refinancing would take place.
Can a Warranty Deed be issued when there's an existing mortgage? It seems contradictory to the purpose of a Warranty Deed. Are there any repercussions from having done so? If this is not correct, is there a way to revoke or change the Warranty Deed?
If anyone can advise on this situation, I would be most appreciative.
Thank you. :)
Good morning,
I recently reviewed the Warranty Deed prepared by my attorney as part of my divorce proceedings a few years ago. My former husband and I were co-owners on the prior Warranty Deed, as well as joint account holders on the existing mortgage. We agreed that he would transfer our marital home to my sole ownership, thus the new Warranty Deed was issued. In fairness, I gave him a small cash settlement for his share or equity as compensation. I did not refinance the mortgage. I accepted financial responsibility for all payments, insurance, and property taxes which I have upheld.
In hindsight, I am wondering why the attorney did not prepare a Quit Claim Deed. I located an email where her legal assistant explained that the Warranty Deed would have title insurance. That's good, but now that I have learned a Warranty Deed means "free and clear" title, of which there was -- and still is -- a mortgage on the property, how was this possible? I feel somewhat foolish to be questioning my former attorney's actions though. Naturally, they were aware of the mortgage, and that no refinancing would take place.
Can a Warranty Deed be issued when there's an existing mortgage? It seems contradictory to the purpose of a Warranty Deed. Are there any repercussions from having done so? If this is not correct, is there a way to revoke or change the Warranty Deed?
If anyone can advise on this situation, I would be most appreciative.
Thank you. :)
Deeds - Warranty: Warranty Deed, Divorce, and Existing Mortgage (Lien)
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