Posted on: 01st Mar, 2012 08:39 am
my boyfriend & i lived together for 6yrs & we bought a home 2yrs ago, we are separating and he want me to sign a quit deed claim to him, what are the pro's & con's on a situation like this?
Hi Guest!
Welcome to forums!
If you sign a quitclaim deed and transfer the property to your boyfriend, then you won't be considered as the owner of the property any more. You won't have any rights on that property. If your name is on the mortgage, then you will be liable for the mortgage payments even after you transfer the property to your boyfriend.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you sign a quitclaim deed and transfer the property to your boyfriend, then you won't be considered as the owner of the property any more. You won't have any rights on that property. If your name is on the mortgage, then you will be liable for the mortgage payments even after you transfer the property to your boyfriend.
Feel free to ask if you've further queries.
Sussane
Susanne is right, if you transfer property on his name, he has to buy you out or refi the property and obtain loan only on his name. Good luck!