2007-05-16 14:24:20 · 2 answers · asked by gentlegiant255 2 in Business & Finance ➔ Renting & Real Estate
A 'quit claim deed' is simply a legal document by any one or more owners of a property that they relinquish any ownership in the property described.
I have observed numerous situations where one owner (many times in a divorce action) will issue a quit claim deed to give ownership of property to the remaining spouse.
Unfortunately, most of those folks do not realize that providing a quit claim to the property does NOT release them from the mortgage involved. The two scenarios are completely unrelated.
2007-05-16 14:33:59 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
It is a contract that is signed by a property owner relinquishing there interest in the property, however they can still be held responsible for the debts owed in the form of a mortgage, so be careful if you are thinking of signing one, talk with a lawyer.
2007-05-16 14:33:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋