The flow of two macroscopically immiscible, viscous, incompressible fluids with unmatched densities is studied, where a transfer of mass between the constituents by phase transition is taken into account. To this end, two quasi-incompressible diffuse interface models with singular free energies are analyzed, differing primarily in their velocity averaging. Firstly, to generalize a model by Abels, Garcke, and Grün, a thermodynamically consistent system of Navier–Stokes/Cahn–Hilliard type with source terms is derived in a framework of continuum fluid dynamics, followed by a proof of existence of weak solutions to the latter. Secondly, the quasi-stationary version of a model by Aki, Dreyer, Giesselmann, and Kraus is investigated analytically, with existence of weak solutions being established for the resulting quasi-stationary Stokes system coupled to a Cahn–Hilliard equation with a source term.