Posts Tagged quitclaim deed

How to take someone off a deed

There is some situation when you need to split and split everything. This situation comes at the time of divorce. So if you want to take off your spouse’s name from the deed of your property then your spouse can simply sign a quitclaim deed but he or she has to do it on his or her own will and you cannot pressurize . Actually divorce comes with so many complications.

Now if the property is a mortgaged property then your spouse cannot quitclaim without informing the lender and even if he or she quitclaims then if he or she will still remain on the mortgage, your spouse will still be responsible for the mortgage payment and if you defaults on your mortgage payment then both of you will be responsible and both of your credit score will be affected.

If the property is free and clear from all kinds of liens then you or your spouse can simply sign a quitclaim deed to take off the name from the deed but if the property is mortgaged then both of you should contact the lender to find out a solution. If both of you are on the mortgage then the person who is taking the property should refinance the mortgage on his or her name and the other person can simply sign the quitclaim deed. But this is not a very simple process. So should consult with an attorney and take his help from him to avoid any problems in future.

A deed is essentially a piece of paper. The deed transfers interest in land from one person to another. The person who is getting the property is called the grantee and the person who is signing to the property to the grantee is called the grantor. It’s a real estate contract. Legally, it must be signed by the grantor.

Quit claim deed is one type of deed .There are also another deed which is warranty deed. Warranty deeds are two types 1) special warranty deed 2) general warranty deed. The quitclaim deed transfers whatever interest the grantor has in the property to the grantee.

There is an important limitation to the quitclaim deed. Because it transfers the rights to the grantor, but it does not guarantee that the property is the grantee’s outright. . If there are several owners of the property and if others with an interest in the property do not sign the deed, then their rights will be unaffected by this document — they still retain their ownership. The signed quitclaim deed is a simple way to give up all interest in a property.

Quit claim deed is generally used to transfer property within family members and friends. This type of deed is widely used at the time of divorce too. Once spouse can easily transfer his or her share of property to the other spouse with the help of a quitclaim deed.