Does Quit Claim Absolve my partner of his obligations?

Question

I partnered up with someone to buy an investment property. Title is under both are names but the mortgage is only under my name.

I have been paying the mortgage on it for a year, and finally asked him for his share of the expenses. He says he does not have the money and wants to quit claim his interest over to me. The real estate market tanked and now the value is less than the mortgage so of course he wants to walk away. I do want that quitclaim because I don't want him to own a property he isn't paying for. But by accepting the quitclaim, does that mean I am absolving him of all his financial obligations to me, i.e. his share of the expenses up until time of quit claim?

Answer 1

Unless you have an agreement in writing, he has no obligation. Take a warranty deed from him, get him off the deed and do what you need to do; or leave him in title and sue.

Answer 2

Yes, the quitclaim will absolve him of any financial responsibility