Quitclaim Deed Replace Calculated Field For Free

Mortgages as Joint Tenants A quitclaim deed is a legal document that quits the previous owner's claim on the property. To refinance with a quitclaim deed, you'll first need to make sure you qualify for the new loan, and then you'll need to file the paperwork and work with your lender to schedule a closing.

A quitclaim deed is a legal instrument that transfers the grantor's legal interest in a piece of real property to another person (the grantee).If a quitclaim deed is challenged in court, the issue becomes whether the property was legally transferred and if the grantor had the legal right to transfer the property.

A quitclaim deed is often used if the grantor is not sure of the status of the title (whether it contains any defects) or if the grantor wants no liability under the title covenants.

Once a quit claim deed has been completed and filed with the County Clerk's Office, the title will officially pass from the grantor to the grantee. The only way to reverse a quit claim deed is to go to court and prove that the grantor was forced to sign the document under duress.

A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

Quitclaim deeds are useful in title-clearing actions or simple transfers between family members or in a divorce. They are not useful in sales or other cases where a more firm guarantee of ownership on the part of the guarantor is needed.