How to transfer a mortgage deed

Written by sara melone
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How to transfer a mortgage deed
Business partners and spouses may wish to separate property ownership. (Jupiterimages/Pixland/Getty Images)

When you purchase a home, your name is recorded as the owner on the mortgage deed. The deed is a record of ownership that shows the address and description of the property, the names of all homeowners and the name and address of the mortgage granter. Until the property is sold or transferred, your name will remain associated with the property ownership and mortgage payments. If you wish to relinquish ownership, you can transfer a property deed fairly easily. Transfer of the mortgage is slightly more complicated and requires a separate procedure.

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    Transfer ownership of the property deed using a quitclaim deed. You can also use a general warranty deed or special warranty deed, the website Mortgage News Daily notes. Fill out a quitclaim deed form, which clearly states the name of the individual who currently owns the property and his intention to transfer deed ownership to the new deed holder. The quitclaim form may be as simple as a signed agreement between two parties, but it is best to have an officially notarised document to avoid any conflicts in the future. File the quitclaim deed with the county registry of deeds where the property is located. Your quitclaim deed may be filed as an addendum to the original property deed.

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    Contact the lender who currently holds the mortgage note on the property, if applicable. Request information on the possibility of a mortgage assumption if your lien paperwork does not include a mortgage assumption clause. Some mortgages are designed to be an assumable loan, also known as a takeover mortgage, the mortgage website Assumption Link points out. This option allows a new homebuyer to assume the seller's current mortgage terms and conditions so she can take over the existing mortgage along with property ownership. Even if your loan does not include an assumable-loan clause, ask your lender if the new homeowner can be pre-qualified and make an application to take over the mortgage.

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    Speak with the person to whom you are transferring the mortgage and property deed, and decide how to conduct the mortgage transfer. If you hold a mortgage on the property and your lender will not agree to a mortgage assumption, you may need to come up with an alternative plan. Apply for a mortgage loan refinancing in the new owner's name only, and have your name completely removed from the new loan. If neither mortgage assumption nor refinancing is a feasible option, conduct a formal sale so the new owner can apply for a traditional purchase loan and buy you out of the property.

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