Georgia Quitclaim Deed with Partial Release by Lender
Description Quick Claim Deed
How to fill out Georgia Quit Claim Deed Pdf Download?
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Quitclaimdeed FAQ
A quitclaim deed can quickly remove you from a property's title and terminate your ownership interests. A quitclaim does not however, remove you from the mortgage or the responsibility to make payments.
Can I use a Quitclaim Deed to transfer a portion of my property to someone? Yes, you can do this by listing yourself as the Grantor, and both you and the other person as the Grantees. Each Grantee would receive an equal share of the property.
In some instances, however, quitclaim deeds are used when the grantor has a mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Filing a quitclaim deed is a right of any property owner. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. Transferring the mortgage without refinancing is possible through an assumption of the loan, which requires lender approval.
Filing a quitclaim deed is a right of any property owner. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. Transferring the mortgage without refinancing is possible through an assumption of the loan, which requires lender approval.
A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
In the event that the grantor has an outstanding mortgage on the property, he or she remains legally responsible for the mortgage even after transferring ownership through a quitclaim deed.The new owner will have the title of the property, but the original grantor will still be liable for the outstanding mortgage.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.