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  1. #1
    Join Date
    Nov 2005
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    1

    Default Post Quitclaim Deed - Financial Liability

    I am getting a divorce and want to buy out my wife's portion of the property. In order to do so, I am refinancing the home. At the conclusion of the refinance, and upon submitting the equity check to her, I will ask her to sign a Quit Claim Deed on the property.

    The question is, does that relieve her of all financial responsibility for the property following the signing of the Quit Claim Deed?

  2. #2
    Join Date
    Nov 2005
    Posts
    310

    Default

    I believe that a quit claim deed merely transfers the transferror's interest in the property. Other types of deeds can offer a more solid title tot he property. I would suggest you talk to your divorce attorney about this.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Quitclaim Deed

    The quitclaim deed would end her claim to an interest in the property, but would not remove her obligations associated with the property (e.g., if she continued to be named on a mortgage).

    If you do refinance, the lender would ordinarily check the title history, and may well want your wife to sign on to a warranty deed.

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