Glossary of Terms

Quitclaim Deed 2016-06-16 08:00:00

Quitclaim Deed

A legal document that may be used to sell or transfer interests in real property. A quitclaim deed transfers whatever interest the seller or transferor actually holds in a property with no representations or warranties made to clear (unencumbered) title or the exact rights held by the grantor (seller).

A quitclaim deed contrasts to a warranty deed which provided assurances or ownership and clean title. Due to lack of warranty and guarantees, quitclaim deed are more common when transferring property between family members, holding entities and business associates. Quitclaim deeds may also be used in tax deed or foreclosure sales where the selling entity is not the owner of the property and thus cannot provide warranty of unencumbered title.

 


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