I Signed a Quit Claim Deed. Do I Still Owe the Debt?

QUESTION: My significant other and I are separating and have signed a quit claim deed on the property. Now I discovered that my "other" is falling behind on the payments and the bank is contacting me. Am I responsible even though I signed the quit claim deed and my name is off the title?

Yes. The note or promise to pay the lender and the title are 2 separate documents. If your name is on the note, you are responsible for the repayment... even if your name has been removed from the title.

A quitclaim deed is the simplest way that one person (the grantor) can transfer property, such as a house, to another person (the grantee). It is often used among family members to remove or change someone's name from the property title. While the concept is simple and straightforward — relinquishing all ownership claims to a particular property — it's also important to note what a quitclaim can't do.

In renouncing the claim, the grantor makes no guarantee of promise that the property is free of debt. Another important distinction is that the grantor makes no promise that no one else claims to own the property. The quitclaim deed says, in effect, that the grantor is signing over whatever ownership he or she may have in the property. It does not even guarantee that the grantor has any ownership interest at all.

Providing all parties are in agreement, a quitclaim is a convenient way to establish title without the time and expense of litigation. A simple form is filled out, taken to a notary, and signed and stamped, making it legally binding. The document is then photocopied, distributed to all parties, and then filed at the local land records office.

Some title companies are reluctant to insure the title when a quitclaim deed was used to transfer title. They might recommend use of a warranty deed. A warranty deed conveys full title to the property and warrants that title against defects (sometimes referred to as a "cloud"), such as tax liens, legal judgments and unpaid debts. For this reason, warranty deeds are often used between buyers and sellers of property.

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The Latest Trend in Countertops........

Granite remains one of the most popular counter top materials in Arizona kitchens and baths, in spite of being one of the most expensive choices on the market. Homeowners love its colors and the many dramatic grain and vein patterns that can be found all in the same slab. Granite is mined in quarries all over the world, including India, Italy, Brazil and Peru.

It’s a substance that does need to be handled with special care and is a bit tricky to install as a replacement for existing counters.

Although granite can handle heat pretty well, you should place hot pans on a trivet or cutting board when you take them off the stove instead of directly on your counter top. Use only mild, neutral cleaners on granite; use nothing with ammonia in it.

Granite is also a porous material and will be sealed by the installer after it is put into your kitchen. But you have to seal it regularly with costly sealers – maybe every six months. If you let that seal wear off, granite can stain when an acidic liquid like red wine gets spilled on it. You can’t leave a slice of lemon on a granite counter top overnight, or you could end up with a big hole in finish of the granite. Edges and corners of granite counters can chip and need repairs.

Take a Second Look at Quartz

If you’re thinking about replacing your countertops, another popular material that deserves your attention is quartz, a synthetic that can look like stone. It’s an engineered, man-made product that combines 90 percent ground quartz bound together with a 10 percent mixture of resins, polymers and pigments.

Sometimes quartz comes sold under brand names like Silestone, Cambria, and Caesarstone. These choices include a wide range of colors and styles. Quartz can also be made into many shapes to create a more dramatic touch in your kitchen.

It wears just as well if not better than granite and doesn’t have to be sealed like granite. In fact quartz had higher ratings in tests done by Consumer Reports. But you can’t use harsh chemicals or abrasive materials on quartz either. Quartz does cost just about the same as granite and sometimes slightly more.

Other materials to investigate as well include marble, solid surfaces like Corian, slate, paper, recycled glass, bamboo, concrete, plastic laminate, or butcher block!