Check with an Real Estate Attorney, not a lot of realtor's just guessing at the answer.
Best to you.
The other party may be able to refinance, in their name only, but if there is equity, it gets dicey and they should buy out your equity.
Sounds like you need to engage some professional advice.
a realtor, who can arrange
a title officer
a mortgage officer/lender
and perhaps a cpa, to understand any tax consequences
If the property is "under water", and the other party sells, even after a quitclaim (as a short sale), or forecloses, this will still affect you and your credit.
Engage some professionals
If you are and want your boyfriend to buy the house from you, it may be possible for him to assume the loan. That's another question for the attorney.
As to not accomplishing what you think it will, just giving a deed to someone else will not terminate your liability on a note and deed of trust.
As to adverse consequences, there could be tax consequences (both income tax and real estate excise tax).
That's why you should contact an attorney prior to taking further action. You should also probably have an attorney draft the deed, so that it is done correctly.
You are probably referring to a Quit Claim Deed, which is given to
remove someone's interest, whatever that might be. If you are
not on the loan, all you will need to do is go to a title company
with your boyfriend, have them prepare a Quit Claim Deed that
conveys title from "your name and his name" to "his name."
My favorite title rep is Angie Price Langer at Fidelity Title at 16703
SE McGillivray, Suite 235. If Angie is busy, she will have one of the
other escrow officers or assistants help you.