Posted on: 01st Dec, 2009 05:24 am
My husband is purchasing a home in another state that is to be under his name only. He plans to rent it as an investment. It is in a community property state and we live in one also. The mortgage has been approved in his name but the lender is requiring that I sign a quitclaim deed so the title will be in my husbands name only. If I sign a quitclaim deed as the lender is requesting, do I still share liability in the event there is a lawsuit resulting from an injury or other issue with that home?
Hi,
You will relinquish all your rights in the property through the quitclaim deed. You will no longer be a co-owner to the home. The mortgage will be in your husband's name, which means you are not going to be responsible for the mortgage. So, once you sign the quit claim deed, you will be free from the liability associated with the home.
You will relinquish all your rights in the property through the quitclaim deed. You will no longer be a co-owner to the home. The mortgage will be in your husband's name, which means you are not going to be responsible for the mortgage. So, once you sign the quit claim deed, you will be free from the liability associated with the home.