3 Mortgage Quitclaim Situations

A mortgage quitclaim deed can be useful in a number of situations. With this type of deed, an individual gives up his or her right to a piece of property. Here are a few situations in which a quitclaim is useful and appropriate.

1. Divorce

When a couple files for divorce, one of the individuals might sign a quitclaim deed. This relinquishes his or her right to the property that was previously jointly owned by the couple. This will give full ownership to the other person.

2. Housemates

In some cases, two friends will purchase a house together. When one of them wants to move out, the other housemate might make him or her sign a quitclaim deed. This will take the person who is leaving off of the deed to the house and give full ownership to the remaining individual.

3. Siblings

Many times, when an individual passes away, he will leave his estate to his children. He might pass his house on to his kids equally. When this happens, all of the siblings will have an equal portion of ownership in the property. If one of the siblings wants to live in the house, she might buy the other siblings' portions of ownership and require them to sign a quitclaim deed.