What Is the Purpose of a Quitclaim Deed

What is the purpose of a quitclaim deed?  If you're looking to transfer an interest in property you'll need to the answer. A quitclaim deed is a legal document used to transfer the interest you, as the grantor, have in a piece of property, to someone else, the grantee. You can use a quitclaim deed to transfer interest in any sort of property, such as homes, land or other real estate. At its heart, a quitclaim deed is a real estate contract that must be signed by the grantor and must adequately describe the property being transferred.

How is a quitclaim deed different from other deeds?
A quitclaim deed is the simplest form of deed. It is essentially a bare bones form of property transfer. When transferring property via quitclaim deed, you do not guarantee that the grantee has sole interest in the property or that other individuals might not have similar interests. With a quitclaim deed, you are transferring only your interest and guaranteeing that whatever interest you had in the property now passes to someone else, subject to those who may maintain an interest in the property. By using a quitclaim deed, you are not guaranteeing that you actually own the property or that it is free of debt. The grantee takes the property subject to these considerations. Nonetheless, a quitclaim deed is the easiest and most efficient way to give up all interest that you may have in the property.

When is the right time to use a quitclaim deed?
Quitclaim deeds are most effective when there are no other interest claims in the property. Quitclaim deeds are used often for property transfers within families, particularly when transferring a home to an heir or other family member. Quitclaim deeds are also often used in divorces when one of the parties keeps the family home and the departing spouse quitclaims his interest in the home.

There are other types of deeds by which you can transfer property, such as through a special warranty deed or a general warranty deed, but, if you need a basic means to transfer property, a quitclaim deed might be your best option.

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