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For example, when a spouse is to acquire the marital home as part of a divorce settlement, the other spouse may be able to transfer their full interest quickly and inexpensively via a quitclaim deed. [10] A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction.
The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...
A fault divorce is a divorce which is granted after the party asking for the divorce sufficiently proves that the other party did something wrong that justifies ending the marriage. [8] For example, in Texas, grounds for an "at-fault" divorce include cruelty, adultery, a felony conviction, abandonment, living apart, and commitment in a mental ...
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Community property issues often arise in divorce proceedings and disputes after the death of one spouse. These disputes can often be avoided by proper estate planning during the spouses' joint lifetime. This may or may not involve probate proceedings. Property acquired before marriage is separate and belongs to the spouse who acquired it.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
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Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
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