A quitclaim deed transfers any interest you may have in a property to someone else. However, using a quit claim deed does not relieve that person from the responsibility of the mortgage. A quit claim deed will relinquish any leverage that owner has to ensure that mortgage payments are made on time.
Real Estate Minute with Ilyce Glink Getting Him Off of the Mortgage Original Air Date: August 1, 2006
Real Estate Minute with Ilyce Glink Virtual Earth and counting Original Air Date: July 31, 2006
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.
Changes in marketing real estate have changed the agent/client relationship. The Internet has made real estate a much more transparent business. You can see what other agents are offering, can view listings that are for sale, learn all about a prospective neighborhood, and look up your own crime statistics. Agents and brokers who believe they "deserve" clients for life don't understand that in today's economy, you have to earn your business every single time you deal with someone.
A quit claim deed, without transferring the mortgage, can be dangerous because the mortgage could be called at anytime. Without the title to the house as collateral, the lender can decide to call the mortgage. To arrange a quit claim deed between family members. consult a real estate attorney to determine how the estate should be arranged,
