Quitclaim Deed

What is a 'Quitclaim Deed'

A deed releasing a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person’s interest or rights in the property. A quitclaim deed neither states nor guarantees that the person relinquishing their claim to the property had valid ownership, but it does prevent that person (the grantor) from later claiming he/she has an interest in the property. A quitclaim deed usually includes a legal description of the property, the name of the person who is transferring his/her interest, the name of the person who is receiving that interest (the grantee), the date and both parties’ notarized signatures.

BREAKING DOWN 'Quitclaim Deed'

Quitclaim deeds are typically used to transfer property in non-sale situations, such as 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 living trust, clarify an easement or change how a property’s title is held.

A quitclaim deed makes no assurance that the grantor actually has an ownership interest in a property; it merely states that if the grantor does, he/she releases those ownership rights. As a result, when accepting a quitclaim deed, the buyer of a property accepts the risk that the grantor of the deed may not have a valid ownership interest and/or that there may be additional ownership interests in the property. Title insurance is not issued in conjunction with a quitclaim deed.

The other two types of written documents that may be used to legally transfer property are general warranty deeds and specialty warranty deeds. These deeds are typically used in property sales and do make warranties about the property’s title. They state that the owner can legally transfer the property and that no other entity has a claim on it.

RELATED TERMS
  1. Warranty Deed

    A type of document that may be used to legally transfer property. ...
  2. Grant Deed

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  3. Special Warranty Deed

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  4. Unrecorded Deed

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RELATED FAQS
  1. How should I report my quitclaim deed?

    I live in Louisiana. My daughter and the rest of my family live in New Jersey. Two years ago, they didn't have enough ... Read Answer >>
  2. What is a fiduciary deed and when is it useful?

    Understand what a fiduciary deed is and under what circumstances it should be used. Learn about the principles behind its ... Read Answer >>
  3. Do I have to wait to get a mortgage on a home after a Quitclaim Deed between family?

    My parents purchased house with no mortgage that my wife and I have lived in for over 5 years. I want to pay my parents what ... Read Answer >>
  4. Do I have to claim a quitclaim deed on my taxes this year from 2000?

    Back in 2000, my mom had a quit claim deed done on the house with my husband and I being the names add... Read Answer >>
  5. I want to transfer my house title to my child, what are the costs and tax consequences ...

    The costs associated with a deed transfer will vary by state and by how the transfer is accomplished. Filing a deed yourself ... Read Answer >>
  6. What real estate documents need to be recorded?

    Learn how recording documents on real estate transactions, such as deeds, mortgages, easements and taxes, help ensure proper ... Read Answer >>
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