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 rob5449
Joined: 11 Apr 2008
Posts: 3
2.02 Dollars($)
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 Posted: Fri Apr 11, 2008 9:28 am Post subject: Quitclaims |
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| Three people hold title (deed?), Only the first person is on the loan. If the two other people no longer want their name associated with the property (there are no problems with the property), does the first person have to accept the quitclaim or sign the quitclaim? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Fri Apr 11, 2008 11:10 am Post subject: |
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person 2 and person 3 would be the grantors on the quit claim deed (relinquishing property rights), whereas person 1 - the borrower on the loan - would be grantee.
signatures would be required of persons 2 and 3, but not #1. then, of course, you would want to ensure that the deed was recorded in the appropriate land records.
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George M. Akerley
Loan Consultant
860-221-5044 |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 620
Location: Houston, TX
101.15 Dollars($)
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| Posted: Fri Apr 11, 2008 11:12 am Post subject: |
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| The common law is that the deed must be delivered to the grantee. However, it does not have to be accepted. |
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Jeanette
Community Experts
Joined: 19 Oct 2007
Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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| Posted: Fri Apr 11, 2008 9:30 pm Post subject: |
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Hello rob and Wellcome to MortgageFit
As both gentlement above mentioned 1st person does not have to sign the quick claim deed. However, the other 2nd and 3rd person have to sign away interest over to the grantee via the quick claim deed. The note must be in first persons' name and he must be the grantee. Thus, eliminate any need for refinancing.
Hope we have answered your question
Good luck
Jeanette Smith
Union Mortgage Group
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