Why would someone do a quit claim deed?

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.

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Georgia Quitclaim Deed with Partial Release by Lender

Quitclaim

Name: Georgia Quitclaim Deed with Partial Release by Lender
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (220 reviews)

Category:

Georgia Real Estate - Releases and Waivers

State:

Georgia

Control #:

GA-LR100T

Format:

Instant download

Description Georgia Quit Claim Deed Pdf

Quitclaim deeds are used to transfer a property title, or to clear a defect. In this form, the grantor releases partial ownership of his/her rights of a property to the grantee.

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Quitclaim Sample With Answer

FAQ

A quitclaim deed can quickly remove you from a property's title and terminate your ownership interests. A quitclaim does not however, remove you from the mortgage or the responsibility to make payments.

Can I use a Quitclaim Deed to transfer a portion of my property to someone? Yes, you can do this by listing yourself as the Grantor, and both you and the other person as the Grantees. Each Grantee would receive an equal share of the property.

In some instances, however, quitclaim deeds are used when the grantor has a mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages.

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.

Filing a quitclaim deed is a right of any property owner. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. Transferring the mortgage without refinancing is possible through an assumption of the loan, which requires lender approval.

A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.

In the event that the grantor has an outstanding mortgage on the property, he or she remains legally responsible for the mortgage even after transferring ownership through a quitclaim deed.The new owner will have the title of the property, but the original grantor will still be liable for the outstanding mortgage.

The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.

Quitclaim

Description Georgia Quit Claim Deed Pdf

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How to fill out Georgia Quitclaim Deed With Partial Release By Lender?

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Quit Claim Deed Oregon Other Form Names

FAQ

Does a quitclaim deed remove me from the mortgage?

Can I quit claim half my property?

Can I file a quit claim deed if I have a mortgage?

Why would someone do a quit claim deed?

Can one file a quit claim deed without refinancing the mortgage?

Can you quit claim a property with a mortgage?

Does a quitclaim deed give you ownership?

What happens to mortgage after quit claim deed?

What are the disadvantages of a quit claim deed?

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