What Do I Need To Know Before Signing a Quit Claim Deed

What Do I Need To Know Before Signing a Quit Claim Deed?

Signing a quit claim deed as a grantor means that you are quitting all the claims on that property but if the property is a mortgaged one and if you are on the mortgage then you are still liable to pay the mortgage even after signing a quit claim deed. A quit claim deed only transfer the property but it does not transfer the home loans.

Now in case you are willing to transfer your property to your spouse or friend or who ever it may be and the property is mortgaged then you should also inform your lender before signing the quit claim deed; otherwise your lender can take action against you. It will be better if the grantor can refinance then mortgage on his or her name when you are transferring the property.

If there are multiple owner of a property and one of the owners sign a quit claim deed that means only that person has gave away all his claims but the other owners still retain their owner ship and their ownership should be unaffected. Some times in case of multiple ownership, to sign a quit claim deed you need to get other owners consent too before signing the deed.

A quit claim deed should be notarized and recorded in the County recorder’s office to make a deed valid. The time period of recording the quit claim deed varies from one state to another. You can check it out in the County Recorder’s Office in your state but it better to record the deed as soon as possible.