Quit Claim Deed-- I bought a house with my son & now I want out, I am just a co-signer on the house.?

Question

I'm a disabled parent, living with my son. We bought a house together, but I'm wanting to move on. How can I go about getting off the deed, I'm just a co-signer?

Answer 1

There are three major instruments of concern here.

The instrument of title, which is the deed,
The instrument of debt, which is the Promissory Note
and
The instrument of security, the Mortgage, tying the Note to the Deed.

Now, if you're only on the Deed, there's not a lot to executing a QuitClaim Deed to your son.

If you are also on a Mortgage, that by itself doesn't really doesn't matter much, as the mortgage alone does not make it your personal obligation, so the Deed takes care of that as far as you are concerned. You should list in the QCD "subject to the existing mortgage to X filed in book Y at page Z", although it's not strictly speaking necessary.

However... if you signed the Promissory Note, signing a QuitClaim Deed will still leave you personally liable if the debt is not paid. It is possible that they would release you from the Note, if the Loan to Value ratio is low enough, but there's no real reason they should.

If they're not going to do that, you'd be unwise to give away your right to the secured property.

The way to get your name cleared from the debt is if your son re-finances, and then you'd be safe signing a QCD at the same time.

Answer 2

Quit claiming on the house will not take you off the loan, just title