Legal Question in Real Estate Law in Arizona
Quick Claim Deed
What legal right does someone have to a piece of property if they were quick claim deeded to the property but are not on the actual mortgage or original title?
Asked on 8/04/08, 12:19 pm
1 Answer from Attorneys
Brian Blum
Blum Law Office, PLC
Re: Quick Claim Deed
First, it's called a "Quit Claim" deed. A person who receives property by a quit claim deed (the "Grantee") has whatever rights in the property that the person who gave the property (the "Grantor") had.
If there is a mortgage then the Grantee owns the property subject to the mortgage. However, as a practical matter, if the bank finds out about the quit claim, then they might exercise their right to accelerate the payments. This means that the bank can make you pay off the entire loan (or refinance in the name of the Grantee).
Answered on 8/04/08, 12:24 pm
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