Quitclaim Deed

• A quitclaim deed removes your name from the title of a property. Family members typically use them during divorce procedures. Signing a quitclaim deed does not guarantee that you have, or ever had, an interest in the property. It states that if you had an interest, you agree to release your interest. It is not necessary to record a quitclaim deed.
  
  

Other Deeds

• Other types of deeds commonly in use to convey interest in property are grant deeds and warranty deeds. Title companies use them to transfer ownership during a purchase or refinance. Grant deeds state that the person signing the deed has a right to sell or transfer the property, and that the buyer is aware of all liens and encumbrances. A warranty deed also states that the warrantor will compensate the warrantee for any unknown problems regarding ownership of the property.
  
  

Refinance

• The way to add a family member to your mortgage is to refinance the property and have the family member qualify for the new loan. This requires a formal application, including an appraisal and credit reports. You will also need to submit your loan request to a lender and have your loan approved. There will be typical costs involved, such as loan processing, underwriting and loan origination fees.
  
  

Considerations

• If your goal is to give a family member an ownership interest in your home, consider adding him to the title with a deed rather than adding him to your mortgage. Any escrow company will be happy to arrange this for you at a nominal cost. An escrow company has the expertise necessary to ensure your documentation is properly completed and recorded. Unless you want to make your family member responsible for paying the mortgage payments, there really is no reason to add him to your mortgage.