A quitclaim deed is a legal document used to transfer ownership of real estate from one party to another. It is a formal renunciation of a legal claim against some other person, or of a right to land. Unlike a warranty deed, a quitclaim deed does not offer any warranties or guarantees about the property being transferred. Here are some key points to know about quitclaim deeds:
- A quitclaim deed transfers the owners entire interest in the property to the person receiving the property, but it only transfers what the owner actually owns.
- Quitclaim deeds are most commonly used when property is transferred without a traditional sale, such as between family members, between married spouses, or between divorcing spouses.
- A quitclaim deed usually includes a legal description of the property, the name of the person who is transferring their interest, the name of the person who is receiving that interest (the grantee), the date, and both parties' notarized signatures.
- Because of the lack of warranty, quitclaim deeds are most often used in specific situations where a precise definition of the grantor's interest is unnecessary, such as when property is being transferred as a gift, to a family member, or into a business entity.
- Quitclaim deeds are a popular way to get real estate transactions done quickly, but they offer the least level of buyer protection.
In summary, a quitclaim deed is a legal document used to transfer ownership of real estate from one party to another, and it is most commonly used in non-sale situations such as transfers between family members or to cure a defect on the title.
