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Georgia Quitclaim Deed with Partial Release by Lender

Quitclaim

Name: Georgia Quitclaim Deed with Partial Release by Lender
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (220 reviews)

Category:

Georgia Real Estate - Releases and Waivers

State:

Georgia

Control #:

GA-LR100T

Format:

Instant download

Description Release Waiver And Quitclaim Sample With Answer

Quitclaim deeds are used to transfer a property title, or to clear a defect. In this form, the grantor releases partial ownership of his/her rights of a property to the grantee.

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FAQ

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.

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.

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.

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.

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.

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.

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.

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.

Quitclaim

Description Release Waiver And Quitclaim Sample With Answer

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How to fill out Georgia Quitclaim Deed With Partial Release By Lender?

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FAQ

What are the disadvantages of a quit claim deed?

What happens to mortgage after quit claim deed?

Does a quitclaim deed give you ownership?

Can you quit claim a property with a mortgage?

Can one file a quit claim deed without refinancing the mortgage?

Why would someone do a quit claim deed?

Can I file a quit claim deed if I have a mortgage?

Can I quit claim half my property?

Does a quitclaim deed remove me from the mortgage?

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