A Quit Claim Deed is a real estate deed that is used to transfer interest in real property. The person transferring their interest is called the grantor, and the recipient is called the grantee. They’re mostly used to transfer property within a family or to cure inaccuracies in the title. They’re also used when transferring properties without any monetary transactions. While a quitclaim deed may transfer property ownership, the financial responsibilities remain with the person who signed for the loan.
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Five Things to Keep In Mind
A quitclaim deed conveys whatever interest the grantor currently has in the property if any. If the grantor has zero interest in the property, the grantee is getting exactly zero interest in the property by virtue of the quitclaim deed and acquires no right of warranty against the grantor.
Only accept a quitclaim deed from grantors you know and trust. These deeds are commonly used to transfer property within a family, such as from parent to an adult child, or to transfer property from one spouse to the other in a dissolution (divorce) settlement, where one spouse is taking possession of the marital home.
They can be used to clear a title defect, a “cloud on the title” in the recorded history of a real estate title.
They are as effective as a warranty deed to transfer title, but only if the grantor’s title is good.
A quitclaim deed affects ownership and the name on the deed but not the debt.