whats the different between quitclaim deed vs. warranty deed

Guest 0.10 Dollars($)

whats the different between this two deeds...which one is a better way to go to avoid refinancing just assumed...i dont know about this staff

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi,

Welcome to the forum.

It depends on the situation. In your situation you should better use a quitclaim deed. You can use a warranty deed only when the title is free from liens. But as you are talking about refinance that means it is a mortgaged property. That is why you should better use a quitclaim deed.

Now about mortgage assumption if the lender allows you for mortgage assumption then only you can do it. So talk with your lender and see if he can allow you.

Best of luck,
Larry

jameshogg

Hi Asr,

Why do you want to avoid refinancing? what's your exact situation? In no situation can you avoid refinancing by the use of any deed. A deed can only convey ownership rights and not any loan transfer.

Thanks

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