Legal Question in Real Estate Law in New Jersey

QuitClaim deed and refinancing

Hi,

My brother and I owned a house together. Recently, I refinanced and decided to take over his interest of the house.

From what I heard from friends, there should be a change of deed, which needs to be recorded in our county.

But what I received from our refinancing company is a QuitClaim deed. Both of us would be the first party, and I would be the second party.

Is the QuitClaim deed the right form to use, instead of the regular deed? My main concern is to avoid any potential complications if I sell my house later on.

Thank You!


Asked on 4/10/04, 8:37 am

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: QuitClaim deed and refinancing

The Quit Claim form is OK as long as all the appropriate information is set forth. This is a short form of Deed used to just get a person's name off the original Deed when no special representations are needed.

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Answered on 4/10/04, 10:30 am
Eric Kochel The Law Office of Eric David Kochel, Esq., P.C.

Re: QuitClaim deed and refinancing

Yes, the Quitclaim deed should be fine. The result will be that the second party is the new owner, i.e. the only party on the new deed. "Quitclaim" is so named because the first party (in this case both you and your brother) are deeding the property to the second party (in this case-you) without regard to any claims or encumrances on the property - in other words party 1 is saying they will are giving the deed "as is" to party 2 just as when you buy a car from a private person you just take it as it is. Unless the property is encumbered by liens or mortgages that you don't want to take on, the Quitclaim deed is fine.

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Answered on 4/10/04, 2:59 pm


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