What is a "Quit Claim Deed"

dawnfay83 · Joined: 25 Aug 2008 Posts: 1 1.35 Dollars($)

Hello,

I live in PA and bought a house with an ex-boyfriend. He wants to keep the house, but can not afford it right now. All I want at this point is to have nothing to do with it. I have read about a "quitclaim" form. Can you explain that a little for me? I am afraid if I leave it up to him he will miss a mortgage payment and my credit will be damaged. This has been going on for 9 months now of me paying my 1/2 waiting for him to get everything in order. The house was bought to flip, then we wanted to live in it. So the top floor is not finished yet, so we wouldn't be able to get our money back yet.

HELP! =)

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi dawnfay.

Welcome to the forum. A quitclaim deed is used to transfer property. It doesn't assure that the title of the property is free and clear from all kinds of liens. But the Quitclaim Deed will not transfer the mortgage from your name.

I think you can use a quitclaim deed to transfer the property to you ex-boyfriend but only if he can refinance the mortgage on his name to relieve you from the mortgage obligations. So talk you your ex-boyfriend whether he can refinance the mortgage on his name or not. Feel free to ask if you have any further questions.

Best of luck,
Larry

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