Posted on: 10th May, 2006 11:19am
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.
a friend of ours is having financial difficulties and is behind in his house payments, he is wanting to do a quit claim deed transfer to us and we would take over the house payments to bring it up to date and finish paying for it. are there legal complications in doing this since he still owes money? should we go to the bank instead?
My siblings and I own a house we were given prior to my father's passing. For many years one of my siblings was paying the taxes on the property and agreed to be reimbursed upon the sale of the house. About 6 months before the sale, my sibling transferred his share to his son. Who now has claim to the previously paid tax money?
Hi mlc,
A similar query has been replied to in the given page:
http://www.mortgagefit.com/Property-transfers-and-Real-estate-related-issues/Partner-Property-Debt.html
Please take a look at it. I hope it will help you.
Thanks
A similar query has been replied to in the given page:
http://www.mortgagefit.com/Property-transfers-and-Real-estate-related-issues/Partner-Property-Debt.html
Please take a look at it. I hope it will help you.
Thanks
Is it best to sell a home that's been quitdeeded or can i get a loan on the home even if the grantor has a second mortgage? What's the best option for me,the grantee.
So if my mother quitdeed to me
and there is a loan on the property in her name,can i take out a loan also,or is that not a good idea. Im confused and dont know what to do at this point.
and there is a loan on the property in her name,can i take out a loan also,or is that not a good idea. Im confused and dont know what to do at this point.
Hi Guest!
Welcome to the forums!
Rather than taking out a second loan on the same property, you can refinance the existing loan and get it transferred in your name. This will also help you in cashing out the equity in your property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Rather than taking out a second loan on the same property, you can refinance the existing loan and get it transferred in your name. This will also help you in cashing out the equity in your property.
Feel free to ask if you've further queries.
Sussane
my mother passed the condo assoc. claims we are liable for assoc. fees because of a quick claim deed we had no knowledge of the deed the condo is over mortgaged and in foreclosure
The owner passed the condo assoc. is trying to collect assoc fees because of a quick claim deed we had no idea the deed existed the condo is in foreclosure
Hi need help and upset,
Though the property is in foreclosure, if you owe condo association fees after inheriting the property, you will be liable for paying off the association fees. You cannot avoid that.
Though the property is in foreclosure, if you owe condo association fees after inheriting the property, you will be liable for paying off the association fees. You cannot avoid that.
A friend's mom did a quit claim deed transferring interest in her property to her daughter in the event of her death(?). The Mom held a mortgage in her name only and died 2 years ago. About 9 months ago, the house on the property burned and was a total loss. The insurance company honored the quit claim deed and made the settlement check out to the daughter AND the mortgage company. The daughter signed the check and mailed to Mortg. Co. with the understanding they had 30 days to remit a check to her with the balance of the settlement funds after the mortgage was paid off. They put the check in her deceased mother's name and the bank won't honor it and she was told she had to go through probate. She sought the advice of an attorney who said the mortg. co. is completely in the wrong - and they will re-issue the check in the daughter's name after a few letters threatening litigation. Her portion of the settlement is $46,000 and the attorney wants $16,000 to write a few letters. Is he correct? Does she have a legal leg to stand on? If so, why should she be out $16,000 if the mortgage co. is completely erroneous in their decision. Shouldn't her attorney insist on reimbursement of her legal fees? She is ready to give up - this has been going on for a year - and accept anything they will offer. I'm trying to keep everyone from robbing her blind but don't really know where to start. Please help!!
A friend's mom did a quit claim deed transferring interest in her property to her daughter in the event of her death(?). The Mom held a mortgage in her name only and died 2 years ago. About 9 months ago, the house on the property burned and was a total loss. The insurance company honored the quit claim deed and made the settlement check out to the daughter AND the mortgage company. The daughter signed the check and mailed to Mortg. Co. with the understanding they had 30 days to remit a check to her with the balance of the settlement funds after the mortgage was paid off. They put the check in her deceased mother's name and the bank won't honor it and she was told she had to go through probate. She sought the advice of an attorney who said the mortg. co. is completely in the wrong - and they will re-issue the check in the daughter's name after a few letters threatening litigation. Her portion of the settlement is $46,000 and the attorney wants $16,000 to write a few letters. Is he correct? Does she have a legal leg to stand on? If so, why should she be out $16,000 if the mortgage co. is completely erroneous in their decision. Shouldn't her attorney insist on reimbursement of her legal fees? She is ready to give up - this has been going on for a year - and accept anything they will offer. I'm trying to keep everyone from robbing her blind but don't really know where to start. Please help!!
My boyfriend was married but paperwork never made it to courthouse. so home shows as married man and wife. She wife is now refinancing and had him sign a quit claim as single man & single woman. My question is he was told he would be on mortgage but not responsible for loan financially is this true? Does he still have interest in property?
my dad recently passed. im not sure who he left the house to. my sisters are telling me that if i sign a letter stating that i dont want the house, my step sister can be put on the deed with a quitclaim deed? is this correct
My mother refinanced and when the surveyor came out they included too much land. My mother wanted the five lots behind my sisters house to remain off new mortgage. When she saw the mortgage it had all the lots included. She cancelled the loan. The bank redid the loan recharged her for a new surveyor and had her quitclaim the lots to my sister because she previously paid mom for them. Well when she signed the quit claim the parcel included all of my moms property not just the 5 lots.! Well my mom died before we could fix it. Her will listed me as executor but since my mom signed her land to my sister the lawyer said there is no estate to open! Well my sister had cancer and before she passed she did a transfer upon death to me!!! The house is in my name but the bank chase won't talk to me! It's been going on for two years. I'm afraid I'm going to die before this gets straightened out over stress! Got any advice? Lora