Does a co-signer’s name have to be on the deed/title after a loan is made?

A loan is approved by a credit union and the real estate sale is completed and legally recorded. At that point, can the co-signer sign a quitclaim deed removing their name from the deed/title to the home even though they are still a co-signer with the lending institution?

Asked on November 12, 2011 under Real Estate Law, Oklahoma

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the person who co-signed the loan that you write about is on legal title to the property that is secured by a mortgage or trust deed regarding the loan that was obtained, the co-signer if he or she wishes to quitclaim the property he or she owns, can do so. The result is that the co-signer is still obligated on the loan but no longer owns the property that the loan was used for.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.