OK, this is a little off topic, but I thought I would ask since we have a few real estate experts that frequent the board. I was recently reading Texas real estate law and came across a term I did not understand... What is an exchange or partition agreement? Would a partition agreement be the equivalent of a quitclaim?
No, a quitclaim is exactly what it says...you quit any claim you "might" have in a property. A partition agreement is used with joint ownership of property. An example - my uncle and I inherited 52 acres of land. Half was his, and half was mine...but which half? LOL. A partition agreement specifies this type of thing, so that I could sell 26 acres, and he could sell (or keep) his 26 acres, and the buyer knew which 26 he was getting Now, when I got divorced many years ago, I still had an undivided (think unpartitioned) interest in that land. TX is a community property state, but inheritance is considered separate property. However, just to dot my i's and cross my t's I had my ex-husband sign a quitclaim deed to the property, so he could not attempt later to claim an interest in it. Make sense?
