Welcome to Part 7 of our 10-part series answering frequently asked questions about Quitclaim Deeds in Florida. This video aims to provide a detailed introduction to the considerations and implications of transferring real estate with a mortgage via a Quitclaim Deed in Florida.
➡️ 1. Mortgage Remains in Place: The quitclaim deed transfers only the ownership (title) of the property, not the responsibility for the mortgage. The original borrower remains liable for the mortgage unless the loan is refinanced or otherwise modified by the lender.
➡️2. Due-on-Sale Clause: Many mortgages have a "due-on-sale" clause. This clause states that the full balance of the mortgage may become due if the property is transferred. Transferring property with a quitclaim deed could potentially trigger this clause, requiring the mortgage to be paid in full.
➡️3. Lender's Permission: In some cases, it might be possible to transfer the mortgage along with the property, but this typically requires the lender's approval. The new owner would need to qualify for the mortgage under the lender's criteria.
➡️4. Risk for the Grantee: The person receiving the property (grantee) takes the property subject to the existing mortgage. If the original borrower stops making payments, the lender can foreclose on the property, even though the grantee is not personally liable for the debt.
➡️5. Title Insurance: Since a quitclaim deed offers no warranties about the title, obtaining title insurance for the grantee can be challenging and more expensive.
➡️6. Refinancing Option: If the grantee wants to take over the mortgage, one common solution is to refinance the property in their own name. This process pays off the original mortgage and creates a new mortgage for which the grantee is responsible.
This video serves as a starting point to understanding the considerations and implications of transferring real estate with a mortgage via a Quitclaim Deed in Florida. We invite you to continue watching the rest of the series to delve deeper into this topic and explore its various facets.
Note: While this video series is intended to be informative, it does not replace professional legal advice. If you find yourself in a situation needing legal counsel, we strongly recommend seeking out professional guidance.
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