Question: Will a quitclaim deed end my obligation to re-pay a loan?

Answer: No.

In general terms, a quitclaim deed is a device used to transfer title without guarantees.

However, if Smith owes $100,000 to a lender and transfers property title to Brown with a quitclaim deed, Smith's obligation to the lender does not end. Smith still owes $100,000 -- but now Smith no longer has title to the property.

Owners should not provide a quitclaim deed to anyone for any purpose without first consulting with an attorney or legal clinic. As well, be certain to speak with a tax professional regarding the tax consequences associated with a quitclaim deed.