Quit Claim---> new deed of trust?

hello jeffca,

you may use a quit claim deed to take off the name of your girlfriend from the title.

you will have to record the deed in the county recorder's office after it has been signed and notarized. the clerk will put stamp on it with the date and some other numbers, make a copy of the deed and give the original back to you. the numbers are usually to indicate where the deed will be found in the county's filing system.

Thanks for the reply, jenkin7.

Just to clarify: when you mention recording the deed, are you referring to the quit claim deed or a new grant deed? If it's the quit claim, do you also submit a new grant deed to the county for recording?

If there is a mortgage secured with the home you will want to check your loan documents for any "due on sale" or "mortgage acceleration" clause that would trigger the mortgage to be repayable immediately if any change in title is done without the lender's permission. If you do have such a clause, I would advise you to call the lender and discuss what you want to accomplish, and get their permission.. before acting on it.

Shane,

I appreciate the information and will heed your advice. I hope it's not an issue with the lender. My girlfriend will still be the co-borrower.

Thanks.

Hi JeffCA,

You can use a quitclaim deed to take your girlfriend's name out of the deed but for the she has to sign as a grantor. So is she willing to quitclaim and transfer the property to you?

Her name is on the title. So if she does not wish to quitclaim, you cannot remove her name from the title.

Thanks,
Larry

Hi larry,


Thanks for the reply. Yes, she is willing to quit claim. It's her idea, actually. She's trying to avoid some issues with her family.

Just to clarify: First we quit claim. Then we sign a new grant deed whereby she grants her interest to me? So we then have two new recorded documents, and that's it?

Thanks for the help.

No, just the quit claim. Do you also want to remove her from the mortgage? If so, another poster brought that up and an "assumption agreement" is the document needed to do so, that, too, requires lender cooperation.

Hello Jeff, A quit claim itself will help you transferring the ownership interest in the property and you don't require a grant deed any more.

But Shane, I think a mortgage assumption is only possible if the loan is assumable. For that Jeff has to consult their lender.

jenkin, you are correct, which is why I added he would have to get lender cooperation.

Hi shane and jenkin7,


Thanks for staying with this thread. I appreciate the help.

My friend will not be removed from the mortgage. We will continue to co-own and co-pay for this property, she just won't be on the grant deed.

The lender said to send a copy of the quit claim to the bank. Not a problem on their end as long as we don't remove anyone from the mortgage.

We were hoping to have her name removed from the grant deed as someone in her family has decided to track her assets. Nothing nefarious, just as a means to create dissent and solicit money. But that's a long and depressing tale for another day.

Okay, so we'll do the quit claim and have it recorded and sent to the lender.

Thanks again for your time and kindness in providing this information.

You are welcome, that is what we are here for.

Hi again.

The saga continues.

So today my girlfriend and I spoke with our loan officer just to make sure we're doing everything by the book. He's been out all week so this was the first chance we had to ask him directly; he's a VP in the Premier Banking dept. We spoke with someone else from the loan department yesterday.

He said there's no need for a quit claim-- that if we only wanted to change the grant deed, and do nothing as far as the mortgage goes, then we were free to do so. Just do a new grant deed with my friend granting her interest to me and nothing else was necessary.

My friend later stopped by our title company and asked about the grant deed change. They too told her not to quit claim, just change the grant deed.

I'm sure different banks and different states have different requirements, but I just thought I'd run this new information by everyone here. My friend is extremely careful about things like this, and we both do not want to run into any problems in the future, so again I'd appreciate any thoughts or comments.

Thank you.

Honestly the best advice I can give you, to protect your own ass, is to consult a real estate attorney on this... they will be able to advise you the best possible way to do this while protecting everyone's interests. Here we can only give general advice, as someone who gives legal advice can be held liable for any damages that occur to the person who the advice is given to.

shane,

You're absolutely right. We were hoping to avoid attorneys but your points are well-taken. Thanks for helping us figure this out.

Jeff

I don't understand your loan officer's statement. You cannot take your name off of a deed. Once a deed is executed, a copy is recorded in the county recorder's office, and it becomes permanent record.

The title to property is based on all the deeds recorded for that particular piece of real estate. That is why you buy title insurance, because the title company goes down to the recorder's office and does a title search.

The only way to get your name off of the *title* is to execute a deed. In your case, a Quitclaim Deed would be sufficient, but the better way is using a Grant Deed. Before you do that, check the terms of your mortgage and get *written* permission from the lender.