QUESTION

Is a quit claim deed something I should consider?

Asked on Oct 13th, 2021 on Real Estate - Georgia
More details to this question:
I am paying a mortgage on a home I purchased in 2018 I owe 102k The payoff is an extra 1k I want to accept a cash offer from my relative of 130k
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1 ANSWER

Wills Attorney serving Alpharetta, GA
4 Awards
If I understand your post correctly, you currently own a home subject to a mortgage, and you want to sell the property to a potential purchaser for more than you owe on it. Assuming all that is correct, I would strongly advise you to consult a real estate attorney for help with the sale and the transfer. In most cases, the purchaser of the property will want to receive ti under a Warranty Deed or Limited Warranty Deed, not a Quit Claim Deed, because the purchaser will be better protected under those kinds of deeds than under a quit claim deed. The purchaser will also want to make sure that the mortgage gets paid off properly and that the lender issues an appropriate release of their security interest. The purchaser may also want to get title insurance on the property. A real estate attorney can help with all of those issues. Please DON'T try to do anything yourself, however- mistakes in real estate transactions can be very expensive to fix and can make it impossible for someone to sell or borrow against the property in the future.  
Answered on Oct 14th, 2021 at 5:17 AM

This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.

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