Quitclaim deed is a legal document using which you can convey your share of property-interest to another person. The deed indicates that the title is conveyed from the grantor (transferor) to the grantee (transferee). But it does not guarantee that the grantor holds the legal rights of ownership. The deed also does not imply that the title is free of liens. The quitclaim deed merely states that there has been a transfer of interest from one individual to another.
Thus, when you transfer property rights, a quitclaim deed serves your purpose. But you cannot transfer mortgage debt or any financial obligation through the deed. If there is a mortgage on the property you wish to transfer, you'll have to pay off the debt prior to the transfer and make the title free and clear. Otherwise, you'll have to transfer the loan as well.
In order to transfer a mortgage to the grantee, you'll have to convince the latter to refinance the loan in his/her name. And, at the time of refinance closing, you can sign on a quitclaim or grant deed in order to transfer the property to the grantee. Alternatively, you can transfer the title first and then have the grantee refinance the mortgage in his name. But before you do so, get it in writing from the grantee that he'll refinance as soon as you convey the title. Otherwise, you'll (the grantor) be left to pay off the loan entirely without having the property in your name.
Another way by which you can transfer mortgage debt while quitclaiming property is Novation. To know How novation works , refer to a forum discussion on this topic.
Perhaps your girlfriend wants to have the property in her name and that's the reason she wants you to sign a quitclaim deed and transfer the property to her. But if she wants to take over the property, probably the lender would also require her to refinance the loan in her name.
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If your mom has quitclaimed the property back to you, then you will be the owner. How does your brother come into the situation? Please read through the quitclaim deed and try to understand what it says, and who are listed as the grantees (receivers of property). If it says you and your brother are the ones receiving property, then obviously the latter has an interest in it and can rightfully claim his share.
Know more on Quitclaim deeds and how they work .
Regards,
Jessica.
Once you transfer the property to your son, he will become the owner of the property. Once the lender comes to know about this, he will want your son to refinance the mortgage in his name. So, unless he has the required credit score and income to get the mortgage transferred in his name, it's better to not transfer the property to him.
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If the property is free and clear, then you will be able to use a warranty deed in order to add your spouse to the property deed. If there is a mortgage on the property, then you will have to use a quitclaim deed to add your spouse to the deed.
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As your name is not mentioned on the mortgage docs, the foreclosure of the property won't affect you in any way. However, you will lose the property in foreclosure sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Even I think they are wrong in saying this. It will be better if you could contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you have further queries.
Sussane