quit claim

Guest 0.10 Dollars($)

I heard that when u do a quit claim deed, any future bills and responsibilities belong to the other person, you (the person that did the quit claim) are only responsible for things done before the quit claim. Is that true?

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

Hi,

Welcome to the forum.

After signing a quitclaim deed, you will have no rights on that particular property. But if it is a mortgaged property, then it is your responsibility to pay off the mortgage. Only if the grantee, to whom you have quitclaimed, refinance the mortgage, then you may be relieved from the mortgage obligation.

So the bottom line is quitclaim only transfers property but doesn't remove your financial obligations.

There is an article on quitclaim and how it works. You can check this out - http://www.mortgagefit.com/quitclaim-deed.html

Hope this will help you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

blue · Posted: Wed Jan 02, 2008 6:04 pm Post subject:

Hi,

Welcome to Mortgagefit discussion board.

You are right. Once you have quitclaimed, future bills and responsibilities belongs to the grantee. But if the property is a mortgaged one then the grantor is responsible for the mortgage payments even after signing the quitclaim deed, unless and until the grantee refinance or do a novation.

Do let me know if you have any other questions.

Thanks
Blue

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

No it's not true. If you have a mortgage on the property then you are are responsible for that. The person that you quit claimed the property to should refinance the mortgage into just their name to release your obligation. Once you quit claim yourself off the deed, you can't take out a mortgage therefore you would not be responsible for repayment if the other person decides to take out a new mortgage on the property. This is why it is important for you to have the person remaining on title to refinance the mortgage into their name only and then you quit claim the property at closing. You are then released of your obligations and everything to do with that home. Do not make the mistake of quit claiming hte property with your name still on the mortgage as so many people have. It can create ugly problems in the future.

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