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Quitclaim Deeds
Recently I wrote an article on Warranty Deeds. Another type of deed is the quitclaim deed.
As you may recall, a warranty deed is a document that conveys (warranties) the grantor’s (sellers) interest in a piece of real estate to another person.
On the other hand, a quitclaim deed disclaims any interest the grantor may or may not have in a piece of real estate to another party.
Quitclaim deeds are often used to clear up title defects that a property may have. They are often used to transfer interest in real estate from one family member or spouse to another.
Another common use of the quitclaim deed is a tax deed which governing authorities use when they sell real estate seized for non payment of real estate taxes.
The quitclaim deed doesn’t release the grantor of the quitclaim deed from any liabity or obligation they may have from any mortgage or secured lien secured on the property.
A quitclaim is not a quick claim deed, there is no such thing as a quick claim deed.
As with all real estate transactions, order a Survey and Title Insurance.
