Sometimes you may choose to sign over your share of ownership to another individual so that person may qualify to assume the mortgage on their own. Legal documents must be used in order for property ownership to be transferred to another individual. An affidavit can be used in the form of a quitclaim deed in order to relinquish ownership of property to another individual. The new owner still must be responsible for the mortgage until the transferee obtains financing (if the home is not paid off).
Type the terms and details of a quitclaim deed. A quitclaim deed is a legal document (affidavit) listing property ownership from the transfer-or to the transferee. You may hire a real estate attorney to draft a quitclaim deed for you. The quitclaim deed should be typewritten.
List the date that the quitclaim deed is being executed, as well as the current home owner's full name. List the address of the property and include the name of the person who will receive the property (transferee), and list the new owner's current address as well.
Include the costs the transferee assumes or will pay for the property ownership. Include information in the quitclaim deed that the transfer of the property is the owner (you) officially releasing any interest in the property, as well as the city, county and state where the property is located.
Sign the document with a witness and have the document notarized.