 Sam
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Joined: 21 May 2005
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Location: CALIFORNIA
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 Posted: Fri Mar 26, 2004 6:15 am Post subject: Is mortgage liability removed if I deed property-interest? |
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When you deed your interest in the property to your spouse or someone else, you will still remain the owner of the property. This is because you are just transferring your share of the property to a third party and not the title of ownership. You can carry out such transfers through a quit claim deed. Even if you have transferred your share of interest, you are still liable to pay off your mortgage, since you retain the rights of ownership of the property.
When a deed is executed, the notary public should sign it. The notary public verifies if the signature on the deed is genuine. The signature must be notarized before the deed is recorded. The deed is generally recorded in the office of the county recorder. |
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