Quit claim to my wife

[David Rutledge]

Hi everyone,

My wife and I are looking to buy an investment in the next few months. I own a number of properties that I bought before we were married and I would like to quit claim one that we are about to sell so that the title is also in my wife's name. The reason for this is because my wife will be applying for the loan for our next investment property on her own as her credit score and income are much higher than mine and we want to take advantage of the lower interest rate while not having to account for my debts. I also worked part time last year as I was studying for a masters degree.

The issue is we need the profits we will make from the sale of the property we have on the market to use as part of our down payment for the next one. I cannot gift the money to her as it is an investment property so the only way we can think to make it work is to actually have my wife on the title.

I was hoping someone could answer a few questions I have about the process.

1) how long does my wife need to be on the title for her to legally be entitled to the proceeds from the sale?

2) How long does this process take?

3) we live in CA but the property is in Indiana. Do we have to go to IN to sign docs etc.. or can this be done remotely somehow?

The property is going on the market this week so I want to be sure we have all our ducks in a row so we can get into our next investment in a few months. We are trying to make sure we can take advantage of her income and credit while still being able to use the sale proceeds as a portion of the downpayment.

Thanks so much everyone.

David