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Either party can remove a co-owner's name from a house deed without a mortgage on the house with the consent of the other owner. The co-owner must agree to relinquish ownership rights. By completing a quit claim deed, the owner quits his interest in the home.Either party can remove a co-owner's name from a house deed without a mortgage on the house with the consent of the other owner. The co-owner must agree to relinquish ownership rights. By completing a quit claim deed, the owner quits his interest in the home. The process is the same for a property which is your dwelling or an investment property such as a rental that you both own together. * Quitclaim deeds offer no type of guarantee to the grantee that the title is free and clear of any liens or other defects.* Quitclaim deeds don't have to list a sales price, however, an arbitrary amount such as $1.00 is often used.* Quitclaim deeds are generally used between related people, or people who have close relationships. == Sample Text for a Quit Claim Deed == Quitclaim Deed WITNESSETH, that [FULL NAME OF GRANTOR], not married, of [STREET ADDR], [CITY], [STATE], [ZIP], (the "Grantor"), in consideration of $1, the receipt and sufficiency of which is hereby acknowledged, remises, conveys, releases and quit claims to [FULL NAME], married, of [STREET ADDR], [CITY], [STATE], [ZIP], (the "Grantee"), the following described real estate in [COUNTY], [STATE]: LEGAL DESCRIPTION FROM DEED CITY PROPER ADDRESS FROM DEED The Grantor covenants jointly and severally with the Grantee that the Grantor: (1) is lawfully seized of such real estate (2) has legal power and authority to convey the same. Executed this [#] day of [MONTY], [YEAR]. IN WITNESS WHEREOF the Grantor has signed and sealed this quitclaim deed the day and year first above written. Signed, Sealed and Delivered In the Presence of: Sign:_____________ Name:____________ _______________ [TYPED NAME OF GRANTOR] Grantor Acknowledgement STATE OF [STATE] COUNTY OF ____________________ In the State of [STATE], County of ____________________, on this [#]th day of [MONTH], [YEAR], before me, ____________________, a Notary Public in and for the said County in the State of [STATE], personally appeared [NAME OF GRANTOR], known to me, or whose identity has been proven on the basis of satisfactory evidence, to be the person described in and who executed this Quitclaim Deed, and acknowledged execution of this instrument as a free act and deed. __________________________ Notary Public for the State of [STATE] County of __________________ My Commission Expires: ______________________ Prepared by:== When there is a Mortgage on the Property ==Although you can still file a quitclaim deed without refinancing the mortgage loan, the "Grantor" will still be financially responsible for the mortgage along with you. Refinancing the mortgage is the only way to change any financial obligations.== Warning - A Word on Title Insurance =='''Using a Quit Claim Deed May Void Title Insurance Coverage'''.When you use a Quitclaim deed you will likely void any Title Insurance from the previous transfer. This has been challenged in court and law depends on the State, however, as a general rule, Title Insurance is lost. As an example, if you transfer a property to a family member via Quitclaim and later discover an issue with the title that goes back to a previous owner, something missed by Title Insurance in the past, or for another reason, the Title Insurance is now lost and you become responsible for the defect. If you transfer the property by Quit Claim Deed you could not make a claim under your title policy. Warranty deeds and quitclaim deeds have similar functions, but they offer different levels of protection to the buyer. The warranty deed offers much better protection for the buyer. When transferring a property to another family member, the protection against a claim from a previous owner is not an issue, or shouldn't be within a family. The added expense of legal to utilize a warranty deed may then be unnecessary. It is considering defects dating back prior to ownership from within family members that the risk becomes relevant. [[Category:Financial]][[Category:Home]][[Category:Law]][[Category:Business]]
