7th Sep 2016
Oftentimes, people think that by signing a Quit Claim deed, they are not only transferring title to their spouse, but also the responsibility for any mortgage on the home. This is a common misconception.
In fact, signing a Quit Claim Deed only transfer’s title, potentially leaving you on the hook for the mortgage. When you sign a mortgage, you sign a note promising to pay back the bank. If the mortgage was in both you and your spouse’s (or a co-signer’s) name, it will continue to be in both names, leaving both parties liable on the note, even though title has been transferred to another.
Only agree to sign a Quit Claim Deed if your spouse is simultaneously refinancing the property to remove your name from the mortgage and never agree to transfer your interest in real property without first consulting an attorney.
Contact our office for more information or to discuss this topic in further detail.
Law Office of Aileen Oliver