Anon. I have done loan signings for over two years and can probably count the number of loans that had a quit claim deed involved on my fingers. Next time I would suggest honesty. It goes a long way. Just tell them I've never handled a loan signing with a quit claim deed what does that entail? What do you need from me on that? Questions, they love questions cuz then they know you are not being a risky know it all. They know you care about doing the job right.
A Quit Claim deed may be used to take off or change someones name on a property. I had one the other day, and all I could see it was doing was changing the name to include just middle initial instead of the gals full middle name. It says something like 'blank' does hereby convey to 'blank'. So it's almost like somebody is selling it to somebody but it was just a sort of name change. Sometimes someone is taking a name off or changing it to or from a trust they personally hold ownership to, like a family trust.
A property can also be sold on a Quit Claim Deed. If someone sells a property without guaranteeing or having a title search done they are selling it on a Quit Claim Deed. If any liens are found on the property after the sale on a Quit Claim Deed the new owner is responsible for satisfying that debt/lien.
Goodness, I hate that you guys/gals don't have anyone to call on those type of things. I would love to be able to help you all by being accessible by phone but then I'm afraid it may become too time consuming. I have a bunch of info on my site with some explanations of docs. There are two site links listed in my profile check them both out for some of those questions also. You can email me with questions or the support email on the other site link. |