Difference between quit claim deed and grant, bargain, sale

dupuy13425 · Joined: 29 Mar 2008 Posts: 1 1.40 Dollars($)

Post Your detailed question here.I purchased a house with my fiance about 5 years ago we have decided to split up and he says he will do what ever needs to be done to sign the house over to me. I am not able to re-finance due to the fact i do not have a job at this time. He is helping to keep the mortgage current until i am able to get a job. He has creditors calling because he has taken some loans and is deliquent i want to protect the home we purchased together. We are both on the mortgage loan and title. Is he still responsible for the loan even if he quit claims the house. Also a realtor told me i would be better off doing a grant, bargain, sale deed form. I do not know the difference. Please HELP!!!!

Jeanette · Posted: Sun Mar 30, 2008 6:48 am Post subject:

Hello Dupuy and welcome to Mortgage Fit Forum

This is a means of transferring ("selling") real estate from one owner to another without triggering specific warranties of any kind, although it does appear to convey whatever ownership the grantor actually has, without using the words convey or grant. It is somewhat different from a quitclaim deed in which the grantor does not claim to have actually had any interest in the property, but grants whatever he may have had, if any, to the grantee. Thus, In a grant Deed the grantor is promising that they haven't sold the property to anyone else and that they haven't encumbered the property with any liens.

Hope this helps and hope you will find a job soon.

Thanks and good Luck,

Jeanette Smith
Mortgage Planner
Union Mortgage Group
cell 757-338-1889
office 757-306-3300

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

Hi dupuy,

Welcome to the forum.

I agree with Jeanette. You can use this bargain and sale deed instead of a quitclaim deed. But it will be better in you consult with you lender first regarding this.

Best of luck,
Larry

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