Quitclaim Deed

Quitclaim Deed

A quitclaim deed releases 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 releases 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 releases 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. 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. 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.

A quitclaim deed releases 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.

What Is a Quitclaim Deed?

A quitclaim deed releases 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 they have an interest in the property.

A quitclaim deed releases 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 makes no assurance that the grantor actually has an ownership interest in a property; it merely states that if the grantor does, they release those ownership rights.
Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.

Understanding a Quitclaim Deed

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.

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, they release 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.

Quitclaim Deed vs. Warranty Deed vs. Special Warranty Deed

Deeds are usually differentiated by what they state or guarantee when the ownership is transferred from the grantor to the grantee (buyer). Unlike a quitclaim deed, a warranty deed can grant a certain level of assurances when ownership is transferred. Warranty deeds are typically used in property sales and are granted in two common forms: general warranty deeds and special warranty deeds.

A general warranty deed provides the grantee with the highest form of protection because it assures that the grantor owns the property free and clear (and that no other entity can place a claim on it). This guarantee covers the entire history of the property–even times when the grantor did not own the property. If there are any breaches in this contract, the grantor is held responsible.

A special warranty deed conveys that the grantor owns the property and that no one else has a claim to it for as long as they have owned it. Special warranty deeds are most commonly used during commercial real estate sales.

Related terms:

Deed

A deed is a signed legal document that transfers the title of an asset to a new holder, granting them the privilege of ownership. read more

Easement

An easement in real estate is the right of one party to use the property of another party by paying a fee to the property owner. read more

Foreclosure

Foreclosure is the legal process by which a lender seizes and sells a home or property after a borrower is unable to fulfill their repayment obligation. read more

Grant Deed

A grant deed is a legal document used to transfer ownership of real property. read more

Grantee

A grantee is the recipient of a grant, scholarship, or some type of property. In real estate, the grantee is the one taking title to a purchased property.  read more

Grantor

A grantor, or writer, is the seller of either call or put options who collects the premiums for which the options are sold. The term can also refer to the creator of a trust. read more

Living Trust

A living trust is established in an individual's lifetime and it bypasses probate upon death.  read more

Special Warranty Deed

A special warranty deed only warrants against problems in the property title that occurred during ownership of the property.  read more

Title Insurance

Title insurance protects lenders and homebuyers from financial loss due to defects in a property title, such as outstanding lawsuits and liens. read more

Unrecorded Deed

An unrecorded deed refers to the situation where the title to a property, usually real estate, is not registered with the appropriate records office. read more