In today’s article I am going to discuss what is a quitclaim deed. Despite how many people refer to this document as quick claim deed, it is actually called a quitclaim deed. Before I go any further, let me first state the definition of a quitclaim deed as posted on Wikipedia.com:
“A quitclaim deed is a term used to describe a document by which a person which is the grantor the person given the document disclaims any interest the granter may have in a piece of real property and passes that claim over to another person which is the grantee, which is the person receiving the document. A quitclaim deed neither warrants nor professes that the granter’s claim is valid.”
So, basically what a quitclaim deed says is, “I don’t know what rights I have in the piece of property, but, whatever rights I have in the property they are yours”. A quitclaim deed is a frequently used between a family members, husbands, wives, wives husbands and in cases of divorce, or if a parents is giving a property to children or whatever the case may be.
Wikipedia goes on to say, “It’s also used to give gifts, placing personal providential business entity, to eliminate clouds on title and to ohm, you know in other special unusual circumstances”.
So, that’s basically what a quitclaim deed is. It says I don’t know what right I have to a property but whatever rights I have they are yours. So, I guess, someone can go out and give someone a quitclaim deed for the Statue of Liberty some other landmark. because what you’re saying is I don’t know what rights I have in this property but whatever they are, they’re yours. When using a quitclaim deed, they are basically saying that they don’t know what liens are on the property, what other claims have been made on the property, or rights of way. Whatever rights they have to this property they are transferring those rights to you and that’s basically what a quit claim deed is. Quick claim deed is different from a warranty deed where there is more ownership knowledge on the property from the grantor’s perspective.
TheRealEstateDealer.com
