Real Estate Word of the Day: Quitclaim Deed
A quitclaim deed is a legal document used to transfer ownership or interest in a property from one person (the grantor) to another (the grantee). Unlike other types of deeds, such as warranty deeds, a quitclaim deed offers no guarantees or warranties about the property's title. Essentially, the grantor "quits" their claim to the property, transferring whatever interest they may have without making any promises about the validity of the title.
The most defining characteristic of a quitclaim deed is that it makes no warranties or promises about the property's title. This means the grantee receives only the interest the grantor had at the time of the transfer, which could be none. Quitclaim deeds are relatively simple and quick to execute. They are often used when the transfer of ownership needs to happen swiftly and without the need for extensive title searches or title insurance. Because quitclaim deeds provide no guarantees, they offer limited protection to the grantee. If there are any title defects or claims against the property, the grantee has no legal recourse against the grantor.
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