Quitclaim deed one of the most popular deeds in the United States. It is mostly used to transfer a property within the family members. A property owner can quitclaim his property to anyone he wishes but if the property is a mortgaged property then he should take permission from the bank from where he too the mortgage. Otherwise the bank can impose on you the due on sale clause and you may face problem.

If you quitclaims and it is a mortgaged property then you should remember that it doesn’t make you free from the financial obligations. You will still owe the mortgage even after transferring the property through the quitclaim deed. So you should ask the grantee to whom you are quitclaiming the property, to refinance the mortgage so that you are out of the mortgage documents.

Another important thing is that whenever you are buying a property, always use a Warranty deed and never use a Quitclaim deed because quitclaim deed doesn’t assures you that the deed is free from any liens but Warranty deed does.