Legal Question in Real Estate Law in Florida

Re: Quick Claim Deeds

A quit claim deed releases a person's interest in a piece of property. A quit claim deed does not terminate mortgages or other obligations that are secured by the property.

Before you sign a deed, see an attorney.

Re: Quick Claim Deeds

These are actually two different questions. But the answer to both is "NO".

I must assume that you already know the answer to the first question. After all, if it were possible to simply QUITCLAIM a property away in order release one of financial responsibility, then foreclosures would be rare events. In fact, the only way to release oneself of one's financial oblgiation (i.e. a mortgage secured by the property) is to pay off the mortgage, refinance (and obtain a new mortgage), or obtain the lender's agreement to replace the responsible party with someone else (a rare event, as there is no point in the lender agreeing to do this). In short, there is likely no reason why you would quitclaim the property away, because you are still obligated to pay the mortgage. One has nothing to do with the other.

The answer to the second question is also "NO". And this is because as between you and the bank (that loaned the money per the note that is secured by the house), the "new deed holder" is a stranger. The "new deed holder" is no less obligated to pay the bank than the bank is entitled to pursue him/her. They are both strangers and neither owe each other anything (with the exception that if the bank forecloses, the "new deed holder" is entitled to receive notice of the foreclosure).

In short, do not quitclaim the property away without obtaining a release from the bank of your obligations under the note which is secured with a deed of trust. Only in a very rare situation can I imagine that the bank would agree to such a request.

Good luck.

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