Hold Up . . . Wait Before You Sign Over That Deed!

A quick claim deed is also known as a quit claim deed. A quit claim deed transfers whatever interest or title a grantor may have without warranty. Even when a quit claim deed is signed, it does not release the person from the loan.

A quit claim deed gives up ownership of your home and associated rights and responsibilities. It operates to release any interest in a property that a person may have, without a representation that he or she actually has a right in that property.

Couples who are divorcing often use a quit claim deed by one spouse to transfer real property ownership to the other. A quit claim deed is often executed when the property isn’t sold.

Before you sign a quit claim deed during the pendency of your divorce proceedings, you should seek legal advice. You could potentially be transmuting your community property into your spouse’s sole and separate property.