What Is a Quitclaim Deed?

A quitclaim deed is a legal document that transfers a person’s interest in a property to another party. However, it does so witho♔ut specifying the nature of the person's ownership or rights in the property and provides no guarantees regarding the validity of those rights.

Essentially, a quitclaim deed releases the grantor (the person transferring the property interest) from any future claims of ownership over the property. It does not promise that the grantor has valid ownership; it only promises that they will relinquish any clai🦹m they might have. This means that if the grantor has no ownership, the recipient (💦grantee) gets nothing.

How a Quitclaim Deed Works

A quitclaim deed usually includes a legal description of the property, the name of the person transferring their interest, the name of the person receiving that interest (the grantee), the date, and both parties’ 澳洲幸运5官方开奖结果体彩网:notarized signatures.

Quitclaim deeds are typically used to transfer property in non-sale situations, such as 澳洲幸运5官方开奖结果体彩网:transfers of property between family members. They can be used to add a spouse to a property title after marriage, remove a spouse from a title after divorce, clarify ownership of inherited property, transfer property into (or out of) a revocable 澳洲幸运5官方开奖结果体彩网:living trust, clarify an easement, or change how a property’s title is held.

A quitclaim deed does not assure that the grantor has an ownership interest in a property; it merely states that if the grantor does, they release those ownership rights. As a result, when accepting a quitclaim deed, the buyer accepts the risk that the deed's grantor may not have a valid ownership interest and/or that there may be additional ownership interests in the property. 澳洲幸运5官方开奖结果体彩网:Title insurance is not issued in con🥃junction with a quitclaim𓆏 deed.

Types of Deeds: Quitclaim vs. Warranty Deeds

Deeds are usually differentiated by what they state or guarantee when the ownership is transferred from the grantor to the grantee (buyer). Unlike a quitclaim deed, a 澳洲幸运5官方开奖结果体彩网:warranty deed can grant a ꦍcertain level of assurance when ownership is transferred. Warranty deeds are typically used in property sales and are granted in two common forms: gener🌺al warranty deeds and special warranty deeds.

A general warranty deed provides the gra📖ntee with the highest form of protection because it assures that the grantor owns the property 🍬free and clear (and that no other entity can place a claim on it). This guarantee covers the entire history of the property—even times when the grantor did not own the property. If there are any breaches in this contract, the grantor is held responsible.

A 澳洲幸运5官方开奖结果体彩网:special warranty deed convey𓆏s tha♕t the grantor owns the property and that no one else has a claim to it for as long as they have owned it. Special warranty deeds are most commonly used during commercial real estate sales. 

The Bottom Line

A quitclaim deed is a simple tool for transferr🅰ing interest in a property without guaranteeing that the grantor has valid ownership. It’s most commonly used in non-sale situations, such as transfers between family members, or to update or clarify ownership titles. However, because it offers no warranties or guarantees, it carries risk for the grantee▨. Quitclaim deeds should be used cautiously and under appropriate circumstances.