efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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It is what it sounds like. Whoever signs it gives up (quits) any claim to the property.
Read your mortgage papers before doing that for any properly with a loan, because if you re-assign your rights for property used as collateral for a loan, the loan may become immediately due and payable (ie, whoever ends up owning it may need to refinance in their name).
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