Q: what is a quick claim deed in the state of Alabama? Does it mean that when I sale my house all the money is mine?

A: WARNING: There are a lot of shysters going around using this quitclaim deed thing as a way of trying to make money on other people's hard times. Here's what they do: They know you need to get out of the house but haven't been able to sell it. They offer you some cash and tell you that they will take care of the mortgage, all you need to do is quitclaim the property over to them. You sign the deed...but little else is in writing, and what's there is very shady. They then turn around and sell the house, quickly, to somebody else for a very low price. They get enough cash to cover what they paid to you and to give them a nice little profit, maybe some monthly payments, but they walk away. They sell the house to somebody else who doesn't qualify for a loan. In fact, sometimes they don't even tell the new buyers about the mortgage they are supposed to service. The new buyers fail to make the mortgage payments, and the bank forecloses...on YOUR HOUSE because YOU ARE STILL OBLIGATED ON THE MORTGAGE. Then the bank comes after you for the deficiency. Run, don't walk, away from this deal.

Now, to address your question, the term you are talking about is a 'quitclaim deed' not a 'quick claim.' When a person gives a quitclaim deed all they are saying is, 'Every claim or interest in this property that I have, I give to you.' If I gave you a quitclaim to the Brooklyn Bridge it would be worthless because I don't own the Brooklyn Bridge. But if I gave you a quitclaim deed to my house here in Alabama, then you would own whatever interest I have in my house. Now about keeping all of the money when you sell your house...Most houses have mortgages on them, and I'll bet yours does too. Yes, you COULD sign a quitclaim deed over to somebody and they would pay you some money and you could keep all of the money without paying off the mortgage. However, you would still be liable for payment of the mortgage. The buyer would not be responsible for paying the mortgage. If the buyer failed to pay the mortgage, the bank would foreclose on the house and come after you for any deficiency. So, yes you can keep the money. But no, it's not a good idea.