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In South Carolina, a quit claim deed is a real property deed that only transfers interest in the property to the grantor who has a title. Unlike a warranty deed, a South Carolina quit claim deed does not guarantee good title to the property.

Quitclaim deeds typically state that the current owner remises, releases, and forever quitclaims the real estate to the new owner. South Carolina law assumes a quitclaim deed conveys all interests the person executing the deed can lawfully convey?though the parties can modify a deed to transfer a lesser interest.

Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.

Signing Requirements (§ 27-7-10 & § 30-5-30): Notary Public and Two (2) Witnesses. The notary public may serve as a witness. Forms: Affidavit for Taxable or Exempt Transfers: This affidavit must be filed with the register of deeds or court clerk when recording a deed (§ 12-24-70).

Generally, a quitclaim is a formal renunciation of a legal claim against some other person, or of a right to land. A person who quitclaims renounces or relinquishes a claim to some legal right, or transfers a legal interest in land.

A quit claim deed may be used in a divorce, when one spouse transfers all ownership interest in certain marital property, such as the family home. For example, during the settlement of John and Candy's divorce, John is given ownership of the family home.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.

Having your name on a deed by itself does not affect your credit.

Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.