Ensuring Electronic Signature Legality for Quitclaim Deed in Canada

How to eSign a document: electronic signature legality for Quitclaim Deed in Canada

hi guys this is Sarah from The Savvy Professor Welcome to our video about what happens when you have a quit playing deed but still on a mortgage watch until the end of the video to learn everything about quit claim deeds while on a mortgage what is a quit claim deed a quit claim deed or a non-warranty deed is a legal document that transfers interest and ownership of a property from a granter or a seller to a grantee or buyer such a d doesn't offer any assurances that the property is free from any claims it therefore doesn't protect the buyer the grantee takes legal possession of the grantor's interest in the property during the transfer the quit claim deed is usually used in transferring property among family members instead of selling the property the bottom line is that a quit claim deed transfers property between parties who know each other and can more likely accept the risks of a lack of buyer your protection what happens when you have a quit claim deed but still on a mortgage when the grantor has a mortgage when they file for a quit claim deed legally the grantor becomes responsible for the mortgage the quit claim deed only transfers ownership and not any claims or debt that are on the property the grantee will own the property but the grantor will be liable for the mortgage for instance if the quit claim deed is given to an ex-spouse who becomes the grantee and the grantor doesn't pay for the mortgage the ex-spouse will not be liable if the grantor doesn't make payments on the mortgage instead the grantor's credit score will be affected suppose the grantee wants to enhance legal protection in that case the grantee may get the lender's approval to assume the mortgage so they don't have to rely on payments by the grantor this way the grantee can have complete control of the property the grantee can also refinance the mortgage property to repay the original loan if the granter frees all interest there will be no need to make payments so there you have it that's all the information on quit claim deed and mortgage kindly share like and leave a comment on the video till next time