Quitclaim Deed
Candlefocus EditorIt is important to note that a quitclaim deed does not guarantee that the grantor, or the individual transferring their interest, actually owns the property they are transferring. Instead, a quitclaim simply states that if there is an ownership interest, all rights, title and interest to the property are released. As a result, a quitclaim deed functions as a risk-free way of transferring property rights, as the grantee does not have any assurance that the grantor actually owns the property.
A quitclaim deed might be used in a variety of situations which do not involve a sale between buyer and seller, such as gift transfers or transfers of property between family members. While a quitclaim deed lacks any assurances from the grantor as to their interest, it can still be a useful tool in certain situations. For example, if a parent wants to transfer full ownership of a home to their child, a quitclaim deed can be used to easily and quickly accomplish this, with minimal paperwork.
In addition, a quitclaim deed can also be useful in the event that it is not possible to obtain a warranty deed due to the title being unclear or difficult to ascertain. If a person is attempting to transfer a property but is unable to prove and document their interest, they may use a quitclaim deed instead.
In summary, a quitclaim deed is a legal instrument used to transfer property without making any assurance as to the actual interest or rights that the grantor has in the property. Quitclaim deeds are commonly used to transfer property without the requirement of a sale, such as transfers of property between family members. Finally, quitclaim deeds can also be useful in cases where the title is unclear or cannot be easily proven.