Q: My husband and I are divorcing. He is refinancing our property and buying me out. He says I will get the check two or three days after signing the quitclaim deed.

My local bank says normally there is just an exchange of signing and money at the same time. He is financing at a Federal Bank. Does this make a difference or is there something else going on?

A: Whether you’re working with a local bank or national mortgage lender, when you refinance your primary residence, there is a 3-day right of rescission. That means you have three business days to cancel the transaction. So, it’s possible that your husband won’t receive the funds until 3 business days after the transaction closes.

But you have to protect yourself as well. I wouldn’t just hand over quit claim deed and trust that your soon-to-be ex-husband will come through with the cash. What you might do is deliver the quit claim deed in trust and give the escrow company specific instructions not to hand over the quit claim deed until your check has been received. That should protect your interests.

The problem is many escrow or title companies won’t do this. If they won’t, then you should refuse to sign over the quit claim deed until you have a check in hand.

Please consult a real estate attorney for further details or other ideas on how to handle the situation.

Feb. 12, 2008.