Quick Claim Deed
Hi All:
I just need to get a little info on how a quick claim deed will work on investment properties. If I have a third party purchase the home and I would like it to be quick claimed to my business or myself, will the third party still be liable for any expenses in the property. (e.g mortgage, lien, interest). :-? [ Edited by oniya1 on Date 03/11/2005 ]
oniya1,
Glad to meet you.
If someone purchases the property conventionally and QUIT CLAIMS the property to you, they are still liable for the mortgage, interest or any liens that attach to the property.
Even though you agree to make the payments etc., the loan stays in the sellers name. You would be on title to the property as owner.
John $Cash$ Locke
[addsig]
Hi JohnLocke:
Thank you for your response, this was a great help. After reading your response, do you know what would be the best legal document to transfer title to another party without them being responsible? :-?