Who has claim to this property!?

[Matt Bontrager]

Hi there! I need some insight on this topic. I appreciate anyone's input! If owner A of a home holds the note with a bank, and is on the deed...then quit claims the deed to owner B...who has first right to make decisions with the property now that one person holds the deed, and the other holds the note. Such as sell, refinance, etc... I appreciate the feedback!

[Mike Flora]

The property belongs to the one who holds title to it and is not officially responsible for the payments since the loan is not in his name. Some people will buy a property subject to the existing financing which will transfer title into there name and leave the loan in the previous title holders name, but the new owner will continue to make payments for the old owner who's name is still on the financing/loan. Now you run the risk of the bank calling the loan due if they find out about this transaction happening and if you quit claim deed a property off market then you might have problems with the sale of the property and more signatures may be required by the old owner in order to sell and you will assume any liens/encumbrances the old owner has you might miss since you didn't have a title company transfer title.