Property Q&A in Vancouver>Question Details

Lana, Home Buyer in Vancouver, WA

How do I remove my name on a quick deed?

Asked by Lana, Vancouver, WA Sun Apr 29, 2012

Boy friends name on VA loan my name on the property . Would like to move out and remove my name.

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Answers

7
HLR, are you suggesting vets cannot be female? ;-)
0 votes Thank Flag Link Sun Apr 29, 2012
On a VA, the Vet is on the loan, and you noted your just on the deed, so quit claim it over should be adequate, but if your required to be on the loan, your going most likely require the other party, to refinance to see if he can qualify on his own, if not that will force a sale to take it from your hands and not be required to pay back his loan if you were on it to start with.

Check with an Real Estate Attorney, not a lot of realtor's just guessing at the answer.

HLR

Best to you.
0 votes Thank Flag Link Sun Apr 29, 2012
It should be clear by now. using a quit claim deed, removes you from title of the property, but does not reliquish your responsibility on the loan. It gives title and right to execute any action on the property.

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
an attorney
a mortgage officer/lender
an appraiser
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
0 votes Thank Flag Link Sun Apr 29, 2012
I agree with Kary because even if you sign over a quit claim deed you have not been removed from the actual loan & are still held accountable should the loan go south. The only way out of this is to have him buy you out & then he will have to get a new loan for himself. Or you can sell the home & both be off the mortgage.
0 votes Thank Flag Link Sun Apr 29, 2012
I missed the VA loan part of the question. It's really unclear from your question who is on the loan now.

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.
0 votes Thank Flag Link Sun Apr 29, 2012
You're really asking how you remove your name from title. The simple answer is you give a deed to someone else. You really should seek legal advice before doing that to make sure you're actually accomplishing what you intend to accomplish, and that there are no major adverse consequences.

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.
0 votes Thank Flag Link Sun Apr 29, 2012
Hi Lana--

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.

Janine
0 votes Thank Flag Link Sun Apr 29, 2012
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