What is Quitclaim deed? What is Cema mortgage?

Question

Accepted Answer

A quitclaim deed is a legal document used to transfer interest in real property without any warranties or guarantees.

It is often used in situations where the transfer of ownership is between family members or as a gift.
Unlike a warranty deed, a quitclaim deed does not guarantee that the grantor actually owns the property being transferred.
It is commonly used in divorce proceedings to transfer ownership of a property from one spouse to another.
Cema mortgage is a type of mortgage that allows a borrower to take over an existing mortgage from a seller, typically in the case of assuming a loan in a real estate transaction.
Cema mortgages are common in New York and can help save on mortgage recording taxes.
The borrower assumes the remaining balance on the existing mortgage and may need to qualify with the lender to take over the loan.

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