Removing All Responsibility of Co-Ownership of Property
My wife and I co-own a rental home with a friend. We want to be alleviated/removed from all responsibilities of this property. My friend wants us to 'Quick Claim' it over to him but I want to be sure my wife and I are no longer responsible or associated with this property (deed, mortage, etc.). I need a quick answer as he wants to pay me what he owes me on this property tomorrow and at the same time complete the 'Quick Claim' form. Any help would be greatly appreciated.
Thanks...
A Quitclaim will only take care of the deed at the court house. What about your name being on the loan? Your partner needs to refi to get your name of all docs. If your partner was the only one on the loan, quitclain is the fast easy way.
Sire
Don't do it! Like sire said, a quit (correct term) claim deed only removes you from the deed, not the loan. Don't rush into this. Contact your attorney and have a purchase and sale agreement drawn up just like you would if you were buying or selling a property that you owned completely. Have a proper closing at the lawyer's office or title company. Unless you a completely sure that you know what you're doing, this dealing over the kitchen table will more than likely bring you a lot of legal grief down the road. Just MHO.
Roger