Deeds and Ownership

Does the grant deed already provide what a quitclaim deed would your mortgage company is asking for a quitclaim deed but you already have a grant deed Is it possible to get both?

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2013-11-09 14:12:11
2013-11-09 14:12:11

The grant deed and quick claim deed are very different. It is possible to get both for the mortgage company. You will need to visit a title company for more details on your specific situation.

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If you want to take your name off the property and mortgage, yes. Also, most modern mortgage documents contain a "due on transfer" clause. If you execute a quitclaim deed the bank can demand full payment of the debt immediately. You should speak with a bank representative to discuss the changes you want to make.


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This can be a little tricky depending on the terms of the loan. The short answer is yes, you can easily file a quitclaim deed with a local title company and have official ownership changed to your name only (or the co-signor's name only). The caveat is that "tecnically" this may be against the terms of your mortage. The bank could use this as cause to terminate the mortgage and ask for full re-payment at once. The reality is that is it done all the time and there is no way the bank will ever know UNLESS you default on the loan. If the loan is defaulted on, then the bank may have reason to research the title and see the change. Generally, this is only recommended among family members who you KNOW will always pay the mortgage on time and in full. When in doubt, cover yourself and do not file the quitclaim deed.


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