quitclaim deed
Noun: A legal document that transfers any interest, title, or claim a person (the grantor) might have in a piece of real property to another person (the grantee). Unlike a warranty deed, it makes no guarantees or promises about the quality or validity of the title being transferred.
A quitclaim deed is used to transfer property rights without any warranties. It is commonly used in non-sale situations, such as transferring property between family members, adding or removing a spouse from a title, or clearing up a title defect.
- The ex-husband signed a quitclaim deed to remove his name from the house's title.
- To gift the vacant lot to her sister, she executed a quitclaim deed.
- The court required a quitclaim deed to resolve the minor boundary dispute between the neighbors.
- Title Insurance: Properties transferred via quitclaim deed can be more difficult to insure with a title insurance policy, as the deed does not warrant against prior claims.
- Cloud on Title: A quitclaim deed can be used to remove a potential "cloud on title"—an unresolved claim or encumbrance that could affect the ownership.
- Quitclaim (noun/verb): The act of releasing or transferring a claim; to release a claim to property.
- He agreed to quitclaim his interest in the estate.
- Warranty Deed (noun): A deed that provides guarantees from the grantor about the validity and quality of the title.
- Grant Deed (noun): A deed that implies certain basic warranties about the title.
- Non-warranty deed
- Release deed
A quitclaim deed transfers only the grantor's current interest, if any. It does not guarantee that the grantor actually owns the property or that the title is free of liens. The grantee receives whatever interest the grantor possesses, which could be none. It is crucial to conduct a title search when receiving property via quitclaim deed.
- document transferring title or right or claim to another