Buying or Selling a Home/quit claim

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Expert: - 7/28/2006


Question
If I quit claim a home to someone with a mortgage owing, and they payoff mortgage, how do they receive the title? Must they obtain a loan first or upon final mortgage payment will a registered quit claim deed be sufficient to have title put in their name? In North Carolina.

Answer
When that quit-claim deed is registered in the county recorder, that's it. The new owner with his name on title via the quit-claim. As for the loan, that's something else. You better hope that he does continue to make the payments on your loan or YOU will be the one with the black mark on your credit.

But if the new owner gets a new loan, then that takes you off responsibility completely.

I do wish you well.

Dick Dennis                dixiedee13@aol.com

www.OldProblemSolver.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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