Quit Claim Deed, Releases Financial Liability?
Asked Mar 15, 2007, 10:00 AM
Hi, My ex and I own property together in another state. We bought the property, built a house and intended to sell it for more than the land and construction cost. After divorcing he wants to keep the house and I just want out. He intends to buy me out for a small amount, considering that there is much debt on the house. He sent me a quit claim deed to sign and said that it takes my name off the title. This is all well and fine but I don't want to be held accountable for any financial stuff. The quit claim deed does nothing to relinquish financial liability does it? I don't want to sign something to be bitten in the behind later. Also, what does being bought out for a small amount do to my taxes for next year?