How to Refinance With Quit Claim Deeds

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A real estate warranty deed is a legal document that identifies the transfer right of ownership or title from one person to another. It is recorded in the county court house where the property is located. A quit claim deed is a legal document disclaiming the rights of the person titled to the real estate property. Quit claim deeds are fast ways to assign real estate to another person so that they can obtain financing and pay out the seller's interest.

Download a standard quit claim deed form from the Internet or office supply company. The price range can be between $25 and up, as of 2011. If you’re not comfortable with filling out the deed, have a qualified real estate attorney complete for you. Attorneys can charge a flat rate of $250 per hour or more depending on the situation.

Draft a contract between you and the seller. The contract should state that the seller will “quit” claiming any rights to the property through the execution of a quit claim deed. This does not relinquish his current obligations to the existing mortgage on the property.

Have the seller sign the quit claim deed. Go in person to the county court house where the property is located and have the deed recorded. Be sure to have the clerk record the document and hand it back to you for your records.

Go to your bank and apply for a refinance loan. Provide the loan officer with a copy of the quit claim deed. The loan officer may require you to provide copies of your income tax returns, bank statements and a credit report to process the loan.

Attend the refinance closing. The closing agent will provide a settlement statement outlining the cost of the refinance, as well as the payoff balance of the existing loan on the property. The net difference is typically given to the seller.


About the Author

Frank Nagy started writing articles relating to business finance in 2010. His articles have been published on and Nagy's career in banking and finance began in 1998 when he obtained his mortgage broker license and launched Frank Nagy Financial Services.

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