Posted on: 25th Jun, 2011 08:09 am
joint owner of a house, joint owner of the mortgage as well.
i understand that a quitclaim deed will only give up interest in property but not financial obligations.
if i am trying to get the house entirely over to the other owner, does that person need to refinance entirely in their name prior to the quitclaim deed?
or can a deed have some stipulation saying that i will give up my interest upon successful custody of financial obligations?
i understand that a quitclaim deed will only give up interest in property but not financial obligations.
if i am trying to get the house entirely over to the other owner, does that person need to refinance entirely in their name prior to the quitclaim deed?
or can a deed have some stipulation saying that i will give up my interest upon successful custody of financial obligations?
Hi kortig!
Welcome to forums!
After you sign the quitclaim deed and transfer the property to someone else, you should ask that person to refinance the mortgage. Unless the person refinances the mortgage, you won't be able to release yourself from the liability of paying the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After you sign the quitclaim deed and transfer the property to someone else, you should ask that person to refinance the mortgage. Unless the person refinances the mortgage, you won't be able to release yourself from the liability of paying the mortgage.
Feel free to ask if you've further queries.
Sussane