How does a quitclaim deed work?

Definition of a quitclaim deed:

We all know that a deed is a kind of document that is used to transfer property from one person to another or from one entity to another. A quitclaim deed is a special kind of deed that is used to transfer a property among the family members or friends. After singing the quitclaim deed, the owner of the property quits all his claims on the property but he remains liable for any secured debts against the property. The owner of the property who is signing the deed is called the Grantor and who is receiving the property is called the Grantee.



How does a quitclaim deed work?

Now if you want to transfer your property to your wife’s name or to your child’s name then you can simply sign a quitclaim deed but to make sure that the deed is valid, you need to notarized and record the deed in the County Recorder’s office in your state. If there is a mortgage or any secured debt against the property then even after signing the quitclaim deed, you will be liable to make the mortgage payments. By the way, if there is any mortgage against the property then you should better inform your lender and take his permission from the lender before signing the quitclaim deed.

Always read the offer documents carefully before submitting

It is always better if the Grantee can refinance the mortgage loan on his or her name when the Grantor is signing quitclaim deed to the Grantee because this can eradicate most of your problems that a Grantor can face after signing the quitclaim deed. Hope it helps. If you have any questions feel free to ask and please share your thoughts.