Legal Question in Real Estate Law in Georgia
Home owner and quit claim deed
Husband and wife jointly own home in Georgia.
Both filed bankruptcy that has now been discharged.
Husband wants to sell the house and has asked wife to sign a quick claim deed. He will sell the property to avoid foreclosure.
If the wife signs the quit claim deed, does this remove her as a responsible debtor? What does the wife have to gain by signing the document?
1 Answer from Attorneys
Re: Home owner and quit claim deed
Merely transferring the property through a Quit Claim Deed (or other deed) does not remove a person's liability for the debt, and generally will not save the house from foreclosure (if payments are not being made). Paying the debt (through sale, refinance, or otherwise) is what relieves one from responsibility. If the house is to be sold, why not have both owners execute the deed to the purchasers at a proper closing? As for whatever the wife (or husband) has to gain by doing it a particular way, there is no way to speculate based on the post. When you start talking about transfers of ownership in houses, foreclosures, bankruptcy, etc., it is a big enough issue to have a real estate lawyer do it correctly.
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