Even if you remove a person from the deed, all parties on the mortgage are still responsible for payments. Keep in mind that a quitclaim deed has no effect on the mortgage obligation. There is no exchange of money or warranties, so it offers the lowest level of buyer protection.īecause they are high risk, quitclaim deeds are usually used between trusted people, for example, a family member or spouse. When someone signs a quitclaim deed, it means that they’re effectively giving up their claim or rights to the property. What’s a quitclaim deed?Ī quitclaim deed is used to sign over the property title to another person. It’s always a good idea to seek legal counsel and have an attorney review the paperwork before you submit it. This means policies for taking someone’s name off a deed will vary depending on where you live in Canada. Note that real estate law in Canada is primarily determined by provincial and territorial governments, not the federal government. By the end of this guide, you’ll know when to use a quitclaim and warranty deed, how to remove a name from a deed and what the risks are. This is done using a deed of conveyance – either a quitclaim deed or a warranty deed.ĭeciding which deed is better suited to your situation requires an understanding of the type of property and the people being affected by the change in the deed. Whether it’s due to death, divorce or a change in personal circumstances, it may become necessary for a name to be removed from a property deed. Please tick the box if you wish to continue. I agree to the Privacy and Cookies Policy, Terms of Use and to receive emails from Finder We need your consent to our privacy policy. Bank of Canada Interest Rate Forecast Report.All International Money Transfer Services.Minimum Credit Score for Credit Card Approval.
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