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By using a quit claim deed will i be totally free from taxes and mortgage. Is it necessary to inform mortgage company.

jameshogg · Posted: Mon Nov 09, 2009 10:02 pm Post subject:

Hi Guest,

Signing a quitclaim deed will not relieve you from the liability of paying the mortgage dues. You will have to remove your name from the mortgage docs by asking the other borrower to refinance the loan in his name.

Thanks

Guest

We recently incorporated a non-profit community development corporation through our church. Currently, the church owns some housing units that we want to transfer to the CDC. Will the value of the units pose a problem, as we are one non profit transferrring to another? There is no mortgage on the properties. Also, do we have to do a bill of sale or just a Quit Claim Deed??

jameshogg · Posted: Mon Jul 05, 2010 11:05 pm Post subject:

Hi W,

As far as I can understand, you can use a quit claim deed in order to transfer the property. As far as the value of the units are concerned, you need to take the suggestions of an attorney to know whether the transfer of property would pose a problem.

Thanks

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Im would like to quit claim a home to a non-profit.