Is quit claim deed safe?
Only accept a quitclaim deed from grantors you know and trust. Because quitclaim deeds make no warranty about the quality of the grantor’s title, they are best for low-risk transactions between people who know each other and typically involve no exchange of money.
Does a quitclaim deed release you from the mortgage?
Signing a quitclaim deed and giving up all rights to the property doesn’t release you from any financial obligations you may have. It only removes you from the title, not from the mortgage, and you are still responsible for making payments.
What happens if you sign a quit claim deed?
If the lender accepts your offer of a Quit Claim, you sign a document called a “Transfer” of title to your lender. You and the lender both sign the “Quit Claim.” The Quit Claim states that you agree to transfer the ownership of your property to the lender and the lender agrees to release you from any debt owed.
Is a quit claim deed considered a sale?
Quitclaim deeds are not used for real estate sales, because the new owner receives no guarantees about the title and how valid it is.