Can quitclaim deed transfer mortgage debt?
Quitclaim deed is a legal document using which you can convey your share of property-interest to another person. The deed indicates that the title is conveyed from the grantor (transferor) to the grantee (transferee). But it does not guarantee that the grantor holds the legal rights of ownership. The deed also does not imply that the title is free of liens. The quitclaim deed merely states that there has been a transfer of interest from one individual to another. Thus, when you transfer property rights, a quitclaim deed serves your purpose. But you cannot transfer mortgage debt or any financial obligation through the deed. If there is a mortgage on the property you wish to transfer, you’ll have to pay off the debt prior to the transfer and make the title free and clear. Otherwise, you’ll have to transfer the loan as well. In order to transfer a mortgage to the grantee, you’ll have to convince the latter to refinance the loan in his/her name. And, at the time of refinance closing, you c
